(Washington, D.C. – January 4, 2012) – The average annual silver price for 2011 of $35.12 per ounce set a record for the white metal, a staggering 74% gain over the 2010 average annual price of $20.19 per ounce.
“Silver’s strong price performance last year owed much to the strength in investment demand, as well as growth in industrial demand, much of which is relatively price insensitive in the short-term,” stated Michael DiRienzo, Executive Director of the Silver Institute.
Silver outperformed all precious metals in terms of increases of average annual prices: Palladium posted a 39% gain in 2011, while gold was up 28% and platinum rose 7% last year over 2010’s figures.
To underscore silver’s price strength in 2011, in a report released in November 2011, entitled “The Silver Investment Market – An Update,” produced by Thomson Reuters GFMS for the Silver Institute, the authors forecasted that world silver investment would reach $10 billion in 2011, comfortably exceeding the previous record of $6 billion set in 2010.
For more information on silver, or a free copy of “The Silver Investment Market – An Update” report, please visit www.silverinstitute.org. The Silver Institute is a nonprofit international industry association headquartered in Washington, D.C. Established in 1971, the Institute serves as the industry’s voice in increasing public understanding of the value and many uses of silver.
For Further Information Contact:
The Silver Institute
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Tel: (202) 495-4030