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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)

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Supply
Mine Production 597.2 613.6 637.2 641.3 666.1 683.0 713.6 752.7 757.0 787.0
Net Government Sales 88.7 61.9 65.9 78.5 42.5 30.5 15.6 44.2 12.0 7.4
Old Silver Scrap 196.0 198.7 202.7 206.2 203.0 200.8 199.8 228.8 258.1 253.9
Producer Hedging 45.9 50.4 12.2
Implied Net Disinvestment 7.8 1.4
Total Supply 889.8 874.1 951.7 926.0 913.0 914.3 929.1 1,076.2 1,039.4 1,048.3
Demand
Fabrication
Industrial Applications 368.4 389.7 430.3 453.0 486.2 490.9 403.6 500.7 487.8 465.9
Photography 192.9 178.8 160.3 142.2 117.6 101.3 79.3 72.1 66.1 57.8
Jewelry 186.8 187.6 188.4 176.5 183.8 179.1 178.7 192.8 186.5 185.6
Silverware 85.1 68.3 69.6 63.4 61.5 59.8 55.0 52.8 48.3 44.9
Coins & Medals 35.7 42.4 40.0 39.8 39.7 65.3 78.8 99.4 118.3 92.7
Total Fabrication 868.8 866.7 888.6 874.9 888.9 896.4 795.4 917.9 907.1 846.8
Producer De-Hedging 21.0 2.0 11.6 24.1 8.7 17.4 41.5
Implied Net Investment 5.4 63.1 39.5 9.3 116.3 158.3 132.3 160.0
Total Demand 889.8 874.1 951.7 926.0 913.0 914.3 929.1 1,076.2 1,039.4 1,048.3
Silver Price
(London US$/oz)
4.879 6.658 7.312 11.549 13.384 14.989 14.674 20.193 35.119 31.150

SOURCE: World Silver Survey 2013

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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