World Silver Survey 2013
The Silver Institute released their World Silver Survey 2013 this week. This thorough report on every aspect of the global silver market shows robust investment demand contributed to silver achieving its second highest average annual price on record in 2012.
“Robust global silver investor demand was the dominant driver of silver prices last year, accounting for almost a quarter of total silver demand. Averaging $31.15 per ounce, 2012’s price level was the second highest on record, behind the average reached in 2011. While last year was a volatile year for most precious metals, globally, silver investment rose to a total of 252.7 million troy ounces (Moz). That figure represents approximately $8 billion on a net basis, substantially above the annual average of $1.2 billion over the 2001-10 timeframe, according to “World Silver Survey 2013,” released here today by the Silver Institute.
Investors remained significant net buyers of silver in 2012, as evidenced by the 21 percent increase in implied net silver investment (which includes physical bar investment, exchange traded funds and fund activity on Comex) to set an all-time high of 160.0 Moz. By comparison, in 2004, the level of implied net silver investment was 5.4 Moz.”
Follow us on Twitter to stay up-to-date on Peter Schiff’s latest thoughts: @SchiffBlog
Related Posts
Falling Full-Time Jobs Points Toward Recession
In April, the U.S. economy added a disappointing 175,000 jobs, falling short of expectations and nudging unemployment up to 3.9% (see current trends here). This signals a slowing economy that might force the Federal Reserve to put the guard rails back on. Our guest commentator gives a deeper look at a worrisome trajectory: while part-time […]Chocolate Prices Reflect Rampant Inflation
Beneath the sweet surface of our favorite treats lies a bitter reality: inflation has sent cocoa prices soaring to unprecedented heights. Once deemed the food of the gods and now a daily indulgence for millions, chocolate is facing a dramatic upheaval as wholesale cocoa prices have rocketed past $11,000 per ton. Our guest commentator explains […]Why and How US Debt Will End in Catastrophe
As fiscal imbalances persist, driven by coercive measures and artificial currency creation, the middle class faces erosion and purchasing power dwindles. But as the world hurtles towards a potential reckoning, the lingering question remains: can this precarious balance last, or are we teetering on the brink of a cataclysmic economic shift?The Economy Is Reaching a Tipping Point
Beneath the veneer of headline job gains, the American economy teeters on the brink: native employment dwindles as part-time and immigrant jobs surge. Government hiring camouflages looming recession warnings. Inflation and political blunders worsen the crisis, fueling public outrage at the establishment’s mishandling of the economy.Prices Up 2500% Since FDR Abandoned Gold
On April 5 1933, Franklin D. Roosevelt abandoned the gold standard, wielding questionable legal power amidst America’s dire economic depression. His whimsical approach to monetary policy, including coin flips and lucky numbers, unleashed unprecedented inflation and price increases that have since amounted to nearly 2500%. Our guest commentator explores this tragic history and the legacy […]
Leave a Reply