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Supply & Demand

Each year, the Silver Institute works with Thomson Reuters GFMS, 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)

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Supply
Mine Production 613.6 639.7 642.7 666.1 683.1 713.8 750.6 754.6 792.3 819.6
Net Government Sales 61.9 65.9 78.5 42.5 30.5 15.6 44.2 12.0 7.4 7.9
Scrap 198.6 202.5 206.0 202.9 200.7 199.7 225.5 258.7 252.6 191.8
Net Hedging Supply -2.0 45.9 -11.6 -24.1 -8.7 -17.4 50.4 12.2 -47.0 -41.3
Total Supply 872.0 954.1 915.6 887.3 905.7 911.7 1,070.7 1,037.6 1,005.3 978.1
Demand
Jewelry 187.1 187.9 176.0 183.2 178.2 177.3 190.6 183.4 181.4 198.8
Coins & Bars 53.0 51.5 48.7 51.2 187.7 87.9 146.1 212.6 139.3 245.6
Silverware 68.1 69.4 63.2 61.3 59.5 54.2 52.6 48.1 44.6 50.0
Industrial Fabrication 608.9 637.1 645.2 656.7 651.3 540.2 643.2 624.8 589.1 586.6
…of which Electrical & Electronics 191.8 211.1 223.1 239.8 245.5 203.1 272.6 260.6 237.0 233.9
…of which Brazing Alloys & Solders 48.9 52.4 54.4 58.1 61.3 53.3 60.6 62.4 60.3 62.4
…of which Photography 178.8 160.3 142.2 117.0 100.2 78.4 68.8 61.7 54.4 50.4
…of which Other Industrial 189.4 213.2 225.4 241.9 244.4 205.4 241.2 240.0 237.4 240.0
Physical Demand 917.1 945.9 933.1 952.3 1,076.7 859.5 1,032.6 1,068.9 954.4 1,081.1
Physical Surplus/Deficit -45.1 8.2 -17.5 -65.0 -171.0 52.2 38.1 -31.3 51.0 -103.0
ETF Inventory Build 0.0 0.0 157.8 54.8 101.3 153.8 132.6 -24.0 55.1 1.6
Exchange Inventory Build -20.3 15.9 -9.0 21.5 -7.1 -15.3 -7.4 12.2 62.2 8.8
Net Balance -24.8 -7.7 -166.3 -141.3 -265.2 -86.3 -87.1 -19.4 -66.3 -113.3
Silver Price
(Average London US$/oz)
6.658 7.312 11.549 13.384 14.989 14.674 20.193 35.119 31.150 23.790

SOURCE: World Silver Survey 2014

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.

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