Dissecting the Research of Bix Weir. Severe Criticism of Silver Institute's World Silver Survey
submitted by g3s (Bix Weir subscriber)
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Bix Weir has pointed out that The Silver Institute World Silver Survey 2024 reflects materially altered data. Anyone can download and view the 2024 and 2023 reports to compare them. To the extent that the modifications reflect impossibly lowered increases in silver demand and impossibly modest reductions in supply, The Silver Institute’s World Silver Survey 2024 is fraudulent and illegal.
The Silver Institute’s Press Release posted on April 17, 2024, silverinstitute.org/silver-industrial-demand-rose-11-percent-to-post-a-new-record-in-2023/ announced “key findings” from its publication of the World Silver Survey 2024 (researched and produced for the Silver Institute by Metals Focus, the London-based independent precious metals consultancy, and published under the names “The Silver Institute: The Global Source” and “MF Metals Focus”). This report included, among other contested statements, that “Total silver supply should decrease modestly by 1 percent.”
What is the Silver Institute? There are many ways to approach this tricky question, but in the context of a material misstatement, suffice it to say that the list of Sponsors and Contributors depicts a who’s-who of the silver industry, including miners, refiners, retailers, banks, and investment services, and others.
Thus, the Silver Institute is not merely an interest group. It purports to represent the silver industry.
Moreover, “… since 1990 [it has] published the World Silver Survey, an annual report on the global silver market. The SurveySurvey provides market participants with supply and demand statistics for key sectors of the silver market, as well as price and trade data.” Such annual surveys analyze and aggregate data, including international imports and exports, mine production, recycling, hedging supply, and various demand categories, such as industrial, photography, jewelry, and silverware, by year, every year. Of course, the use of Silver includes mint production, refinery sales for wealth preservation, international development, military, and space program uses. Of course, Silver is a commodity subject to SEC/ComEx/CFTC/LBMA and other global regulations and oversight.
The Press Release summarizing certain information includes:
Outlook for Silver in 2024.
The total silver supply should decrease modestly by 1 percent. As a result, this year, we will also see another large silver deficit, amounting to a projected 215.3 Moz, the second-largest market deficit in more than 20 years.
Though seemingly reporting a large deficit, this seems to be damage control for a deficit that is spinning out of control!
Such “modestly” decreased supply is based on the Silver Institute’s Survey demonstrably modified data – anyone can visit their website and compare the current and prior reports! Last year’s data was modified, and even years back to 2015!
To the extent that The Silver Institute has willfully changed the data and fails to report factually, it is intentional and fraudulent.
Material misrepresentations contained in the SurveySurvey will be discussed below, but essentially, they reflect such an impossibly lowered supply deficit and lowered demand increases.
Fraud is a high standard, and despite The Silver Institute’s publications’ including disclaimers, such as, “While every effort has been made to ensure the accuracy of the information in this document, the content of this document is provided without any guarantees, conditions or warranties as to its accuracy, completeness or reliability.
It is not to be construed as a solicitation or an offer to buy or sell precious metal, related products, commodities, securities or related financial instruments” Obviously, such disclaimers apply to good-faith information and not to intentionally obscured and distorted data. The disclaimer seemingly purports to extend to its Members and Contributors, “to the extent permitted by law, [The Silver Institute and Metals Focus], other members of our group of companies and third parties connected to [The Silver Institute and Metals Focus] expressly exclude:
• All conditions, warranties, and other terms that might otherwise be implied by statute, common law, or the law of equity.
• Any liability for any direct, indirect, or consequential loss or damage incurred by any person or organization reading or relying on this document, including (without limitation) loss of income or revenue, loss of business, loss of profits contracts, loss of anticipated savings, loss of goodwill and whether caused by tort (including negligence), breach of contract or otherwise, even if foreseeable.” Again, based on intentional misrepresentations, no such exclusions can apply.
To the extent that The Silver Institute’s publications are so influential upon minters, retailers, consumers, and the worldwide Commodities markets, material misstatements are criminal. And they are!
The Silver Institute’s Press Releases, Articles, and Surveys are referenced by news outlets (MSN, Kitco, Bloomberg, ZeroHedge, MarketWatch, CNBC, USA Today), mints, and consumers and influence commerce accordingly.
On Bix Weir’s site
https://www.roadtoroota.com/
where, he presents his analysis of the modified data points and contextualizes such aberrations, effectively skewing the supply and demand history and outlook in a video available at https://www.reddit.com/r/SilverDegenClub/comments/1caqnva/comment/l0z479i/.
Part of that presentation describes his eight months tracking the industrial demand for Silver by photovoltaic applications. Of course, this involves comparing data points from prior Surveys with the current one. Using The Silver Institute’s chart, he flags and calculates percentage discrepancies in his chart titled “The 2024 Silver Survey Changed Historical Numbers to Hide Massive Supply Demand Imbalances!”
Based on the modified data points, Mr. Weir reports a discrepancy in the use of Silver for photovoltaic applications of 76% compared to 38%! He finds the cumulative deficit is not increasing by a modest 3% but by a shocking 23%!
The Silver Institute needs to answer to all changes in values, including providing a publication identifying which industries are using less Silver, providing detail regarding any recategorization of data from one report to the next, providing detail regarding industrial demand for Silver by photovoltaics applications, detail of the “Other Industrial” demand, and supporting data for values in the charts.
Readers are asked to contact the regulators named The Silver Institute and MF Metals Focus to voice their concerns.
Your governmental representatives should make sure that our regulators are doing their jobs. Please let your Senators and other representatives know that you are concerned about what Commodities Regulators are allowing.
Previous to any Bix Weir YouTube videos, the Silver Academy has published over ten articles and 5 YouTube videos showing their deceptive practices.
The Silver Academy proved that Mike DiRienzo and Paul Bateman have conflicts of interest (lobbying for entities that benefit from silver market manipulation)
The entire Silver Institute business model is based on serving these conflicted entities - all details here
The Silver Academy's concern is that Silver is a monetary metal and decentralized money, whereas the US Dollar is The Federal Reserve Note (issued by a Private Central bank that holds secret meetings and has been the subject of many investigations).
The Silver Academy has proven that Bateman and DiRienzo have conflicts of interest because of their close associations (including lobbying) with the Banking Industry, the Department of Treasury, The Federal Reserve, and their clients, the US Department of Defense.
https://thesilverindustry.substack.com/p/top-2-silver-institute-executives
https://thesilverindustry.substack.com/p/furious-stackers-demand-answers-after
https://thesilverindustry.substack.com/p/silver-institute-paid-514000-in-management
The Silver Academy believes that none of the Silver Institute sponsors are to blame. They would have had no idea of the scheme (unless they found our posts), and many are still unaware of the scandal.