Mexico is a dangerous place. The cartels, especially the Sinaloa cartel, have a wide reach. The money they bring in from illegal drugs buys them firepower far more advanced than the Mexican military, which means they're largely operating with impunity. It's a sad state of affairs.
Lately, the Sinaloa cartel kidnapped miners from a Canadian silver mining company. Sadly, they even killed a few of them. (Source) The motives are unclear, but I'm sure there's a profit angle for them somewhere.
(Created with ChatGPT)
There have been a lot of theories as to what might happen with silver prices. I was expecting a tamp from the COMEX and LBMA while the Chinese aren't actively buying during the celebration of their lunar new year, but that never materialized. The demand for silver is outpacing the yearly global supply, so with Mexican silver production and exports now in question, that exacerbates an existing supply crunch. Mexico alone exported almost 203,000,000 ounces of silver in 2024. (Source)
Imagine taking even a small chunk of that out of global supply. That's going to put further pressure on the price. None of us know what will happen with the price of silver, but typically when supply is drastically cut and already in short supply, prices only go up. We may seem some desperate shenanigans from the COMEX and LBMA, but we might be in for another roller coaster ride as far as price is concerned. Only time will tell.
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