The Silver Institute released their World Silver Survey 2013 this week. This thorough report on every aspect of the global silver market shows robust investment demand contributed to silver achieving its second highest average annual price on record in 2012.
“Robust global silver investor demand was the dominant driver of silver prices last year, accounting for almost a quarter of total silver demand. Averaging $31.15 per ounce, 2012’s price level was the second highest on record, behind the average reached in 2011. While last year was a volatile year for most precious metals, globally, silver investment rose to a total of 252.7 million troy ounces (Moz). That figure represents approximately $8 billion on a net basis, substantially above the annual average of $1.2 billion over the 2001-10 timeframe, according to “World Silver Survey 2013,” released here today by the Silver Institute.
Investors remained significant net buyers of silver in 2012, as evidenced by the 21 percent increase in implied net silver investment (which includes physical bar investment, exchange traded funds and fund activity on Comex) to set an all-time high of 160.0 Moz. By comparison, in 2004, the level of implied net silver investment was 5.4 Moz.”
Read the Full Summary Here
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World Silver Survey 2013
The Silver Institute released their World Silver Survey 2013 this week. This thorough report on every aspect of the global silver market shows robust investment demand contributed to silver achieving its second highest average annual price on record in 2012.
Read the Full Summary Here
Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffBlog