Produced for The Silver Institute by GFMS Limited, London

This eighteenth edition features an analysis of global silver supplies and data on industrial demand for 2006. Researched and prepared for The Silver Institute by GFMS Limited, this annual report is based in part on the analysis of the GFMS database of international trade statistics, company reports data and other public-domain information. But more importantly, it is also based on a series of interviews with the industry's main players, carried out every year by the GFMS team of analysts and consultants, which provide the essential data to allow the compliation of reliable estimates for world supply and demand.

World Silver Survey 2007 Sponsors

Major sponsors

• Coeur d'Alene Mines Corporation
• Industrias Peñoles, S.A.B. de C.V.
• MAG Silver Corp.
• Silver Standard Resources, Inc.
• Silver Wheaton Corp.

• Apex Silver Mines Limited
• Barrick Gold Corporation
• Cia. de Minas Buenaventura, S.A.A.
• Endeavour Silver Corp.
• First Majestic Silver Corp.
• Hecla Mining Company
• IBK Capital Corp.
• KGHM Polska Miedz S.A.
• Pan American Silver Corp.
• Sterling Mining Company

• Avino Silver & Gold Mines Ltd.
• Esperanza Silver Corporation
• Johnson Matthey, Inc.
• Luismin, S.A. de C.V.
• Mitsui Global Precious Metals
• New York Mercantile Exchange
• Tanaka Kikinzoku Kogyo K.K.
• Zinifex Limited

Table of Contents:

1. Summary and Outlook
Supply
Demand

2. Silver Prices
Market Analysis

3. Investment
Overview
Comex
CBOT
Tocom
OTC Market
Physical Investment

4. Mine Supply
Mine Production
By-product Analysis
Production Costs
Producer Hedging

5. Supply from Above-ground Stocks
Overview
Identifiable Bullion Stocks
European Dealers' Stocks
Comex Stocks
Government Stocks
Other Stocks
Scrap

6. Silver Bullion Trade
Europe
North America
Middle East and Indian Sub-Continent
East Asia

7. Fabrication Demand
Industrial Applications
Photography
Jewelry
Silverware
Coins and Medals

8. Appendices

Tables
Table 1. World Silver Supply and Demand
Table 2. Mine Production
Table 3. Scrap Supply
Table 4. Total Fabrication
Table 5. Industrial Applications
Table 5a. Electrical and Electronics
Table 5b. Brazing Alloys and Solders
Table 6. Photography
Table 7. Jewelry and Silverware
Table 7a. Jewelry
Table 7b. Silverware
Table 8. Coins and Medals

Focus Boxes
Silver and Other Commodity Prices
The Silver Exchange Traded Fund
Indian Investment in Physical Silver
Deficits and Surpluses in the Silver Market
Silver Borrowing
The Main Uses of Silver
New Developments in Silver
Digital Technology and the Photographic Market
Jewelry and Silverware
Consumer Trends and Jewelry Consumption