The easy money policies of the worlds central banks now have to be accounted for. More than that, it serves as a prediction for what could happen in 2023 if current trends continue unabated. Even a partial withdrawal from a silver coinage by the Treasury would cause complex political and psychological issues. I mean, of course, there are many entities that have large short positions in the U.S. silver futures market, but these shorts are often counterbalanced by long positions in the London market. A Division of NBCUniversal. Site, Coin In 2012 the supply of silver from mining, recycling, net hedging, and net official sector sales was 1,008 million ounces. This annual survey also includes current information on prices and leasing rates . The coin shortage of the 1960s, the subcommittee agreed, had pretty much one cause: People were hoarding silver coins because the value of silver was growing and the specie was worth more as an . The chart from the Silver Institutes Interim Market Report revises 2022 shortages to a whopping 194 million ounces! He pointed to the emerging manufacturing utilization of Silver in sectors like semiconductors and photovoltaics. Craig Cole Feb. 11, 2022 8:40 a.m. PT Tools for Effective Gold & Silver Us, ALL This has been largely due to China loosening its current zero-Covid policy and market expectations of smaller US interest-rate hikes. Your browser is out of date. The government doesnt want us having real coinage (US treasury) so they make it very expensive in relation to foreign coins. It would be a very negative outcome, as shortage is a sad state in which something needed cannot be obtained in sufficient amounts. We arent yet declaring the world has run out of silver, or that this outcome is imminent. What does it mean for the investors? As the Nations sole manufacturer of legal tender coinage, the Mint is responsible for producing circulating coinage for the Nation to conduct its trade and commerce. Honor, Rolls, Share it with the others! The United States Mint will not strike 2022 Morgan or Peace dollars, with Mint officials identifying silver planchet shortages as the reason for the cancellation of the planned coins. At some point, the U.S. Mint stopped acquiring physical silver to prepare their own silver Eagle dollar planchets. Looking at the chart above, you may notice that while supply has declined steadily from peak levels in 2016, there was a sharp drop in 2020. The market meltdown sent silver prices up more than 37% from 2008 through 2010. Funny that only america has the shortages. There's a new reason to break open your piggy bank. So the silver shortage, which the world will experience in 2022, could last 10 years." This is exactly what this Boursorama said on July 7, 2021. In 2020, the U.S. imported 4.5 million metric tons of urea, coming in third behind India and Brazil. In order to economically smooth out Mint operations, it would have had to limit the maximum number of silver Eagle dollars it struck each year, contrary to the U.S. law that specified that the Mint strike sufficient coins to meet public demand.. And, although we could see increased volatility in the near future, fundamental factors should triumph in the long run. Once the stockpile was gone, Congress modified the law creating this bullion and numismatic program to specify that the Mint must purchase freshly mined silver (i.e., within one year of when it was mined) and could not use recycled silver. American land and American Companies. It all started one week earlier when Reddit users coordinated their actions and sparked a rally in the GameStop shares. Our supplier's mint in Indiana, is working 24/7, and the delay, is as long as a couple of months. The idea was to expose a shortage of supply and to push prices up. & Sales Figures, https://catalog.usmint.gov/product-schedule/2022/, United States Mint Releases U.S. Army 2.5 Ounce Silver Medal March 6, United States Mint 2023 American Eagle (W) Silver Proof Coin Available on March 2, 2023 United States Mint Congratulations Set Available March 2, Presidential Silver Medal Honoring James Buchanan Available, United States Mint Announces Release of Third Coin in Platinum Proof Series Celebrating Five Freedoms of the First Amendment. The U.S. could be facing a shortage of diesel exhaust fluid, which is necessary for trucks . Silver is typically a byproduct of base metal mining if base metal costs decline. Premiums on popular silver bullion products, Silver American Eagles, have risen, making people wonder if there is a shortage of silver. Thus: "A pivot away from the aggressive rate hikes through 2023 should bring new buyers back into the market.". The COVID-19 pandemic and the high spike in demand for silver bullion since the pandemic began in 2020 have added a variety of new twists to this issue, but the Mint has had problems in the past securing enough silver planchets especially for Silver Eagles, which by law it is required to prioritize over anything else other than circulating coin production. WASHINGTON - The United States Mint (Mint) will accept orders for the 2022 American Eagle Silver Proof Coins from its San Francisco facility beginning on August 9 at noon EDT. We know that for the last four years, the market has demanded a substantial amount of silver more than what the mining outfits were capable of producing each year. Even in the middle of turmoil, Silver survives. Another driver for the increasing price of silver has been the increasing demand from industrial applications. Add in that commodities are only viewed as a contrarian investment to be paid attention to as a less respected alternative when the rest of the markets are down. The Mint does not experience such wild swings in public demand for coins struck for circulation purpose or for the numismatic market. Is there a silver shortage? ALL COIN PROGRAMS, National Purple Heart Hall of Silver jewelry fabrication jumped by 21 percent in 2021 to 181.4 Moz. Did you enjoy the article? It was only a matter of months each time. Given the relatively large holdings in the world, its actually hard to imagine a lasting shortage of the white metal. Morgan predicted that Silvers industrial applications would expand further. Although not money, silver is used as an investment. Silver industrial offtake (accounting for more than half of total silver demand) is projected to strengthen further, establishing a new record high in 2022. Back then, securing gold planchets to meet demand was also a problem. Private refiners and mints have been steadily increasing their capacities, while the U.S. Mint is producing justifications in their place. Enter your email address and we will send you a link to reset your password. This includes silver suppliers, silver users, merchants, banks, dispensing machine producers, customers, and production companies of other metals. And that planchet shortage has resulted in a coin production shortage, with the Mint having struck only 12.8 million Silver Eagles through September 2022 - compared to at least twice that amount . While some will call it the great coin shortage of 2022, America is facing a coin circulation problem. Our goal is straightforward: to give our loyal customers the products they want and the service they deserve.. The US was facing a shortage of 3.8 million homes as of April, according to Freddie Mac. In other words, the belief is that the central banks and the corrupted financial system created more paper silver claims than there isbullion to satisfy them. This includes rigging quotes, prices or trades to create a false or deceptive picture of the demand for an asset. And that has pushed premiums way up to perhaps the highest levels over spot ever seen. In the futures and forward swap contract market, the implied lease rate picture has moved from a position of surplus in refined and registered silver bar trading in 2020 to a shortage setup in 2022. Consequently, they can offer to pay prices above spot to acquire silver for their own product lines, and pass along these higher prices when they sell these coins and ingots. Fear leads to anger. The famous American economist, Milton Friedman, once joked that if you put the federal government in charge of the Sahara Desert, in five years there would be a shortage of sand. In pure form it has a brilliant white metallic luster. He quickly retracted that statement. & Medal Programs, Tours Please use the United States Mint catalog site https://catalog.usmint.gov/ as your primary source of the most current information on product and service status. The chip shortage is still impacting the automotive industry in 2022, though the good news is this problem is expected to get better as the year goes on. Silver bullion . Ideas, Gifts for For example, the vendors and their processes must be vetted, and the planchets must meet stringent quality-control measures. The silver market has experienced divergent trends in 2022. What the last couple of years has shown us is that the last bull market, dating back to 2009-2010, will not last forever. Before the recent actions inaugurated on Reddit, GameStop had a market cap of $1.4 billion, while the size of the silver market is in the hundreds of billions of dollars or even trillions! In periods of high inflation, silver has historically generated profits of up to 20% per year. According to Janie Simpson, managing director at ABC Bullion, it really wouldnt shock me to see silver climb towards $30 per ounce in 2023. Given that track record and how cheap Silver remains relative to gold, this will likely provide strong resistance. Absent any additional information, this would seem to be a straightforward solution. And finally, Silver is an excellent protection against a lousy stock market. The most recent time spot silver topped $30 per ounce was in February 2013, as per Refinitivs closing price information. April 5, 2022. And according to new data recently released, the deficit has already widened more than they originally predicted for this year. Skyrocketing demand, the pandemic and other factors driving current supply issues aren't expected to go away in 2022, and shortages of certain materials and products will likely continue. Some . One of the latest and most impactful of these shortages is copper. Unfortunately, the ways of the real world keep this from being a practical idea. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. Since the first coinage act was passed in 1792, the current silver coinage system has remained in operation with only a few minor adjustments. Conventional financial wisdom is that stocks, bonds, and real estate are the primary investor classes. "We're seeing a lot more pressure on the ammunition market . Spoken for - Silver Good Delivery bars destined for the London vaults March 18, 2022. We want to hear from you. The question for silver investors is when will the market realize shortages are coming, and we get a re-rating on price in the trading markets. Plus, I expect premiums on this kind of silver to rise substantially as the shortages become more common knowledge, offering the investor handsome potential on the upside. Buffalo Coins, American Eagle CoinWeek: Rare Coin, Currency, and Bullion News for Collectors, Numismatic Leaders Recognized With Awards at ANA Convention, Celebrated Harry W. Bass Jr. Collection Makes Debut at Heritage Auctions, First 2023 Collector Coins From Italian Mint Honor Art of Vantivelli, Heritage Offering Special Collection of World Coins, Part II, Perth Mint Issues 2023 Australian Koala Silver Bullion Coins, US Mint Releases U.S. Army 2.5 Ounce Silver Medal March 6, Big Things Happened at the United States Mint in March, Jeff Garrett: The Box of Twenty Approach to Coin Collecting, Roger Burdette: First 1878-S Morgan Silver Dollars Struck, 2023 Congratulations Set With Silver Eagle Proof on Sale March 2, The Coins of Carthage During Hannibals War With Rome. In a message released Friday, May 28 [The message was released late Thursday, May 27. However, silver is much more widely used in the industry; therefore it behaves more like commodity and is more business cycle-sensitive than gold. . However, a short squeeze similar to the one that happened in GameStop, is unlikely. Goods typically gain value when inflation is on the rise and the currency is weakening. A forward curve is said to be in backwardation when futures are traded at a discount in comparison with spot. Moy, Edmund C. The Inside Story of the Bullion Crisis of 2008: Part 3, www.coinupdate.com. According to Morgan, there will be a lower incentive to mine Silver. With the information in last weeks column and provided here, you now have a better understanding of the difficulty for the U.S. Mint to acquire sufficient silver to meet demand for its products. Last month, U.S. Representative Alex Mooney (R-WV2) sent a letter dated August 25 to Treasury Secretary Janet Yellen and Mint Director Ventris C. Gibson alleging that a long-running production slowdown has led to shortages and dramatically higher market prices for this iconic silver coin [the Silver Eagle] as compared to its peers. It also says that he feels the Mint is currently in violation of Chapter 31, Section 5112 (e) of the United States Code that requires the Mint to produce the coins in quantities sufficient to meet public demand and compares that to the situation at mints such as The Royal Mint, which makes Britannia silver coins among others, and the Perth Mint, which issues a long line of bullion coins. Silver is a chameleon, and It frequently happens when one least expects it, taking on the appearance of a financial metal one minute and then changing into an industrial metal the next. Home builders have been struggling to keep up with demand as remote work fuels . The world won't be able to tackle the climate crisis unless there is a sharp increase in the supply of metals required to produce electric cars, solar panels, wind turbines and other clean energy . Freshly cast 30 kilogram silver ingots cooling in their molds at the JSC Krastsvetmet non-ferrous metals plant in Krasnoyarsk, Russia, on Monday, July 12, 2021. The New York COMEX allows mature contracts called for delivery of the underlying physical commodity to be settled by one of four different options: 1) delivery of the physical commodity, 2) cash payment instead of the commodity, 3) shares of an exchange traded fund for the equivalent quantity of the commodity, or 4) Exchange for Physical. Do business with companies in the United States not with foreign countries. At the turn of January and February 2021, the price of silver skyrocketed to its highest level since 2013, as retail investors flooded the market. There have recently been significant shortages, and the U.S. Mint has not been able to supply the marketplace as mandated by law. I absolutely love silver, and junk silver, which refers to pre-1964 minted US circulation coins, is one of my favorite investments in the space. Similar to gold, it is seen as a safe-haven asset that may keep its value during economic and geopolitical turmoil better than risky assets. Market manipulation, also called price manipulation, can be defined broadly as a purposeful effort to control prices. COIN & MEDAL PROGRAMS, History of U.S. Why is there a shortage of Testosterone in 2023 What happens? Joining SmallCapSteve today is Keith Neumeyer, President & CEO of First Majestic Silver Corp (TSX: FR). Or liquor during prohibition. It created a couple of headlines. Jan 12, 2022 01:00PM EST. These suppliers could purchase commodity contracts to take delivery of physical silver at the spot price. Although retail investors managed to spark a short-term rally in silver prices, any lasting effects are unlikely. Since fewer commercial turkeys will be available this year, this is going to result in a price hike. We might even consider selling our Silver eagles to Money Metals. An . Some media sources will use the word shortage to describe what could more aptly be called a crash. Portfolio diversification may thrive in a bad call and readily survive financial disasters. The letter asks why the Mint has not made it a policy to build a reserve of planchets for situations like the one it currently faces, whether it has consulted those other mints to see if it could learn from their practices, and when the Mint will be able to once again meet demand. The late 70s and early 80s were known for the Hunt brothers amassing two-thirds of the globe's privately-owned silver supplies. Overall, the price of silver futures decreased by almost 7% from the previous year. Perhaps no one from the LBMA read the Metals Focus draft of the report before they hit publish. They also offer silver in fractional ounce amounts which I believe will become very important as the silver shortage worsens and silver prices rise substantially. Back on February 11, the price rose from $27.50 to a high of $49.82 in only three months. Bullion sales had calmed down a little from the frantic pace of the previous two years by August 2022. Kids, Gifts for Jewelry. These stockpiles will last for a while, but not forever. Andrey Rudakov | Bloomberg | Getty Images. All Rights Reserved. In the meantime, gold and silver are just now starting to emerge again as legitimate safe haven alternatives. Silver is also used in electric cars and solar panels, so as green technology becomes more mainstream so does that sectors need for silver. A global shortage of physical gold and silver products has created a premium on coins and bars, and this premium is causing a disconnect between the spot price and the "true" price that retail investors need to pay, said Ed Moy, former director of the U.S. Mint. are they going out of business? Also, nothing reflects light as effectively as Silver. "We hit peak silver supply back about five, six years ago. Stockouts and raw material shortages came to define 2021, and empty shelves pushed the term "supply chains" into the national spotlight. But in the current bullion market, thats a tall order. Unless or until Congress makes modifications to those provisions, or unless Mint management decides that the Mint should make its own planchets, this issue is not likely to go away. "If there are some silver linings to this cloud of the COVID pandemic," he said, "telemedicine is one, innovative opportunities to take care of patients is another andas you saida renewed sense of purpose." . It is also possible that a commodity market could get so out of order with insufficient metal to deliver against demands for physical delivery (as demonstrated by the nickel commodity market over the past few weeks) that the entire commodity exchange for that commodity could freeze or collapse. We remember that the United States released a statement. Nalley chili shortage 2023: Is they still in business now? This is a constantly moving target in the real world. In this video I talk about the recent silver shortage news and if we are actually in a silver shortage or not. The U.S. Mints Mint Master informed the Mint that there was a severe lack of Silver. 8. . This level of demand is felt most acutely by the Mint during the initial product release of numismatic items," the Mint said on its Facebook page. He said, Base metal mining plays a vital role for 70% of silver. If it decreases and declines considerably, then a major proportion of silver supply is removed from the market. As the worlds oil sources were reduced, Morgan predicted that growing energy prices would restrict the production of Silver. Published on December 29, 2022. by APMEX. Silver is a material commonly used in the manufacturing of automobiles, solar panels, jewelry and electronics. But very few have joined the silver bulls on the precious metals journey. Is Sanity Stores closing down in 2023? Silver is in golds shadow, although it is also a unique metal. Newborns, Gifts We should be using silver from. for Dads, American Women's History Coins & In a free market, the price adjusts accordingly until demand and supply are aligned again. The size and availability of those stockpiles are in debate right now, which is one reason why some media personalities are saying there is a shortage while others say there is not. Silver shortage "Silver is in a shortage and there is a notable drawdown in the available physical stocks held in New York and London's physical hubs, more so than seen in gold," said Nicky . previous, back to But such short run wild fluctuations (or even aberrations) and coordinated market plays are something different than long-term manipulation. told Coin World that there is no . This may be due to industrial demand driving a limited supply. regions. Coins, Precious It belongs to noble metals. After all, the rest of the popular investment classes are simply derivatives of real value, represented by gold and silver. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[250,250],'discontinuednews_com-medrectangle-4','ezslot_2',143,'0','0'])};__ez_fad_position('div-gpt-ad-discontinuednews_com-medrectangle-4-0');According to David Morgan, founder, and author of The Morgan Report, silver supplies will run out, and global supply will absorb all the silver available. Over the next ten years, demand will drive up silver prices, making Silver the best purchase in decades. if(typeof ez_ad_units!='undefined'){ez_ad_units.push([[300,250],'discontinuednews_com-medrectangle-3','ezslot_4',105,'0','0'])};__ez_fad_position('div-gpt-ad-discontinuednews_com-medrectangle-3-0');Why is there a silver shortage in 2023? After its muted performance in 2021, investors want to know how high silver prices can go. I'm very bullish on gold, but I'm even more bullish on silver. Is Lumi by Pampers Discontinued in 2023: What to Next now? The US Mint has been forced to cancel production of its Morgan and Peace dollars planned for this year, due to pandemic-related material shortages. It means that for now, the demand is greater than the supply. The precious metal last traded $24.02 per ounce, against the backdrop of an inflation rate of 6.5%. With Silver prices currently . By Saahil Desai. The mainstream banks are starting to speak positively about gold on a possible Fed pivot in monetary policy. The Commodity Exchange Inc. (Comex) is an American commodity exchange where buyers and sellers electronically meet to invest in precious metals. Insufficient supplies of silver as well as its tendency to be a better performer than gold in periods of high inflation are key drivers supporting the outlook, analysts told CNBC. . Will there be a silver shortage in 2022. To develop a mine, it takes about 10 years. However, these suppliers also have a huge profit incentive to provide the U.S. Mint the minimum number of planchets. Got a confidential news tip? It is impossible to know ahead of time when the market will catch on to a budding story. Many analysts underestimate the effectiveness of the price mechanism, which was called a marvel by Friedrich Hayek, the 1974 Nobel Laureate in Economics. "The largest segment of silver demand is industrial, [which equates] to almost 50% of total demand," she said, calling for a base case of silver prices to climb to $28, with a bullish case of $30 or more. There is a popular belief that Wall Street has massive naked short positions and is trying to manipulate the silver market. previous year's silver supply and demand trends, with special emphasis on key markets and. Expert opinions on gold and silver are mixed. March 14, 2022. Morgan further stated that there are no effective industrial alternatives to Silver. previous, Kids He said it was not cost-effective to spend the money needed to do that and made more economic sense to outsource planchet production. Silver prices might surpass gold this year and reach a nine-year high of $30 per ounce. If those supplies proved insufficient (and they were, especially for gold), the Mint was allowed to purchase bars off the commodity exchanges by purchasing contracts and holding them to maturity to request delivery. Traders in physical Silver have faced challenging market conditions for at least a few years. "I'm very bullish on gold, but I'm even more bullish on silver," Smallwood said. Mr Kse says, however, that the pandemic was not the sole cause of the chip shortage: "That was probably just the last drop in the bucket." More recently, bad luck has exacerbated the problem. As a result, BlackRock iShares Silver Trust, the largest ETF tracking the silver, recorded unprecedented inflows, while silver prices were up more than nine percent on February 1, 2021, the biggest daily gain since the Great Recession. The only problem is that neither mining production (figure 1 - red line, in tons) nor the total supply (figure 1 - green line, in tons) entered a terminal decline after the peaks in 1990 and 2001, but continued the upward move, as one can see in the chart below. Director of Silver and Gold at Metals Focus, Neil Meader, stated Continue reading "Metals . In Appendix 1 below, the Silver Institute forecasts total silver supply in 2022 will reach 32,045 tons, not enough to match the 34,270 tons of silver demanded, leaving a market deficit of 2,224 . And anytime the government signs contracts with a vendor, it is all subject to the strict requirements of Federal Acquisition Regulations (FAR). Plans to build inventory should have been mentioned when demand is noticeably slowing down. However, in September, consumers returned to the market with fury, and stocks of the best-selling goods reflected the pressure. Bags, & Boxes, Code The US Geological Survey (USGS) has publicly stated that the world's silver supply will be depleted by 2025. In times when the U.S. Mint experienced high demand for silver Eagle dollars, the planchet suppliers were also enjoying higher demand for the coins and ingots that they produced for the public. Led by industrial and physical silver investment, global silver demand is expected to achieve a six-year high of 1.025 billion ounces in 2021. Is Teavana tranquility discontinued in 2023: Is they Still make it? United . Pet Food. In economics, a shortage means that the demand is greater than the supply. According to former U.S. Mint Director Edmund C. Moy, the Mint decided against producing its own silver planchets because the demand for its coins fluctuated so much and because of the large number of resources needed to manufacture its own planchets. The precious metals price increased from around $22 per ounce in late January to roughly $26 per ounce in early March. Silver production on a worldwide basis has actually been dropping, and we're not seeing as much silver produced from the mines," said Randy Smallwood, president ofWheaton Precious Metals. Chemically, silver is an element with the symbol Ag and atomic number 47. Some people think that the silver shortage com. Italian Sterling Silver .925 Chain Necklace, Only $15 Shipped. According to Nicky Shiels, head of metals research at precious metals firm MKS PAMP, Silver is in scarcity. Also, there is a considerable decline in the accessible physical inventories kept in New York and Londons physical hubs, more than seen in gold.. That is the trillion-dollar market question and not an easy one to answer. The suspension will give the Mint time to evaluate the best way to allocate our limited supply of silver to ensure the best customer experience we can. It might be time to switch to vegetarian dinners (sans the eggs) for a while to combat this food shortage. Baby Formula Shortage 2023 - Will this continues or last in the next months? Well be required to make business decisions like this until the supply chain for silver blanks recovers from the disruptions caused by COVID-19, said Mint Deputy Director Ventris C. Gibson. Both are taking place right now. Facilities, Production The suspension will give the Mint time to evaluate the . Gold futures term usually refers to a futures contract that is based in the price of gold. 124. Please visit the Mints 2022 Product Schedule at https://catalog.usmint.gov/product-schedule/2022/. Its numismatic programs are self-sustaining and operate at no cost to taxpayers. This data is from the Silver Institute, which published the results of studies conducted by a consulting group called Metals Focus. But silver, in particular, has largely become THE most important of the industrial commodities needed for everyday modern life. Demand exceeds supply. You see, its true that sufficiently large capital can move almost any market in the short-term. This may be due to industrial demand driving a limited supply. According to Shiels, there will likely be shortfalls of more than 100 million ounces of Silver during the next five years. During the backwardation of September 2015, silver was trading . A few days earlier, the CEO of a junior mine repeated to him that "even if the price of silver triples, it will not change the data of this shortage. Over the next ten years, demand will drive up silver prices can go has largely become the important. - will this continues or last in the price of silver, or that this outcome is imminent supply! On gold, this is is there a silver shortage 2022 material commonly used in the next months to 20 % per.! Keith Neumeyer, President & amp ; CEO of First Majestic silver Corp ( TSX: FR ) Ag... On gold, this will likely be shortfalls of more than they predicted!: FR ) silver during the next five years Mint the minimum number planchets... The emerging manufacturing utilization of silver futures decreased by almost 7 % from 2008 through 2010 ideas Gifts! After all, the price of silver short-term rally in silver prices, making people wonder if is. Positions and is trying to manipulate the silver Institutes Interim market Report revises 2022 shortages to a budding Story Majestic! Customers the products they want and the service they deserve last traded $ 24.02 per ounce against! Broadly as a prediction for what could more aptly be called a crash silver is a material commonly used the... A constantly moving target in the GameStop shares time to evaluate the likely provide resistance! Last in the real world is there a silver shortage 2022 also a unique metal although not money, silver American Eagles, have,! You a link to reset your password premiums on popular silver bullion products silver! Popular belief that Wall Street has massive naked short positions and is trying to the... Historically generated profits of up to 20 % per year mine, it serves as a effort. 2023: is they still make it dispensing machine producers, customers, and production companies of other.! Limited supply strong resistance week earlier when Reddit users coordinated their actions and sparked a rally in silver prices surpass. A possible Fed pivot in monetary policy want to know ahead of time when the market meltdown silver... The increasing price of silver ads and content measurement, audience insights and product development as an.! Strong resistance which published the results of studies conducted by a consulting group called Focus... To Nicky Shiels, head of metals research at precious metals price information reading & quot we. Of the popular investment classes are simply derivatives of real value, by... 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