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World Silver Survey 2019
Global Silver Demand Up 4%,
Fueled by Soaring Investment
Demand Along with Rising
Jewelry and Silverware Offtake

The Silver Institute’s annual World Silver Survey (produced by the GFMS at Refinitiv), said the global silver demand hit a three-year high last year, an increase of 4% from 2017, to more than one billion ounces. On the other hand, global silver mine production fell for the third straight year, dropping 2% to 855.7 million ounces. The GFMS team believed that the disconnection between the improving supply-demand dynamics and the silver price last year was partly due to the significant level of above ground stocks. There were more than 2.5 billion ounces above ground stocks at the end of 2018, which was a 3% year-on-year decline, and the first annual decline after nine years of consecutive growth, however the silver inventory represents a 2.5 years of global demand. A weaker base metals sector also tempered silver prices last year according to the report.

Physical silver investment increased 53% last year, with the largest contribution coming from India. However industrial demand, which makes up half of the global demand, fell 1% last year, dragged down by the lower demand from the solar sector.

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