Each year, the Silver Institute works with GFMS Limited, a leading research company that is based in London, to prepare and publish a comprehensive report on that year’s silver supply and demand trends, with special emphasis on key markets and regions. This annual survey also includes current information on prices and leasing rates, mine production, investment and fabrication.
World Silver Supply and Demand(in millions of ounces) |
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| 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | |
| Supply | ||||||||||
| Mine Production | 606.2 | 593.9 | 596.6 | 613.0 | 637.3 | 641.7 | 665.4 | 681.9 | 718.3 | 735.9 |
| Net Government Sales | 63.0 | 59.2 | 88.7 | 61.9 | 65.9 | 78.5 | 42.5 | 28.9 | 15.5 | 44.8 |
| Old Silver Scrap | 189.0 | 196.3 | 194.0 | 195.2 | 198.6 | 203.3 | 199.0 | 193.7 | 188.4 | 215.0 |
| Producer Hedging | 18.9 | – | – | 9.6 | 27.6 | – | – | – | – | 61.1 |
| Implied Net Disinvestment | – | 18.9 | 1.6 | – | – | – | – | – | – | – |
| Total Supply | 877.1 | 868.3 | 881.0 | 879.7 | 929.5 | 923.5 | 907.0 | 904.5 | 922.2 | 1,056.8 |
| Demand | ||||||||||
| Fabrication | ||||||||||
| Industrial Applications | 349.7 | 355.3 | 368.4 | 387.4 | 431.8 | 454.2 | 491.1 | 492.7 | 403.8 | 487.4 |
| Photography | 213.1 | 204.3 | 192.9 | 178.8 | 160.3 | 142.2 | 117.6 | 101.3 | 79.3 | 72.7 |
| Jewelry | 174.3 | 168.9 | 179.2 | 174.8 | 173.8 | 166.3 | 163.5 | 158.3 | 158.9 | 167.0 |
| Silverware | 106.1 | 83.5 | 83.9 | 67.2 | 67.6 | 61.0 | 58.5 | 57.1 | 58.2 | 50.3 |
| Coins & Medals | 30.5 | 31.6 | 35.7 | 42.4 | 40.0 | 39.8 | 39.7 | 65.4 | 79.0 | 101.3 |
| Total Fabrication | 873.6 | 843.5 | 860.1 | 850.6 | 873.6 | 863.5 | 870.3 | 874.7 | 779.2 | 878.8 |
| Producer De-Hedging | – | 24.8 | 20.9 | – | – | 6.8 | 24.2 | 11.6 | 22.3 | – |
| Implied Net Investment | 3.6 | – | – | 29.1 | 55.9 | 53.2 | 12.5 | 18.2 | 120.7 | 178.0 |
| Total Demand | 877.1 | 868.3 | 881.0 | 879.7 | 929.5 | 923.5 | 907.0 | 904.5 | 922.2 | 1,056.8 |
| Silver Price (London US$/oz) |
4.370 | 4.599 | 4.879 | 6.658 | 7.312 | 11.549 | 13.384 | 14.989 | 14.674 | 20.193 |
SOURCE: World Silver Survey 2011 |
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For an in-depth look at silver production, please see our Production section. For articles related to supply and demand, see the Silver News archives.
