The Silver Institute, an international association drawing its membership from organisations in the silver industry, has released its 27th annual World Silver Survey. Produced by the GFMS Team at Thomson Reuters, the latest survey offers global supply and demand statistics for 2016.
Some key findings of the latest World Silver Survey:
• The annual average silver price rose 9.3% in 2016 to USD 17.14 per oz, its first rise since 2011.
• On the supply side, total supplies fell 32.6 million ounces (Moz) to 1,007.1 Moz.
• Global mine production recorded its first decline since 2002, down 5 Moz to 885.8 Moz.
• Others key supply factors included less silver scrap, and a contraction in producer hedging.
• Total physical demand fell by 11 percent in 2016 to 1,027.8 Moz, pulled lower by weaker offtake for jewellery, silverware and retail investment.
• Physical and exchange-traded product investments fell to 253.8 Moz in 2016, down 7 percent from 2015. Demand for coins and bars declined 83.9 Moz to 206.8 Moz compared to 2015.
• Industrial applications, the largest component of physical silver demand, were lower by just 1 percent, reaching 561.9 Moz.
• Demand from the photovoltaic industry jumped 34% in 2016 to a record high of 76.6 Moz, largely on increased requirements for solar panels in China and the United States.
Click here to read the full World Silver Survey 2017 9 (12.57 MB pdf)
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