Contact us
CALL US NOW 1-888-GOLD-160
(1-888-465-3160)

New Report: Silver Demand Set Record In 2015; Supply Shrinking

  by    0   0

Silver demand hit a record high in 2015 and it shows no sign of waning.

GFMS, in collaboration with the Silver Institute, released its annual silver survey last week. Coin, bar, jewelry, and photovoltaic sectors boosted silver sales to a record 1.17 billion ounces.

High demand coupled with shrinking supply resulted in the third consecutive annual silver deficit. The gap between silver supply and demand was 60% larger than 2014. According to the report, mine production growth slowed to 2% last year. Scrap sales were also weak.

silver-coin-bar-demand

Investment buying was a major factor in the overall boost in silver demand. World demand for silver bars and coins increased more than 56 million ounces last year to 292.3 million ounces. If the first part of 2016 is any indication, the appetite for silver coins has not slowed any. The sale of American Silver Eagles continued at a torrid pace through the first months of the year.

Download SchiffGold’s Free Report: The Powerful Case For Silver

Silver jewelry fabrication increased for the third consecutive year, rising to 226.5 million ounces.  A 16% rise from both India and Thailand, drove the increase in silver jewelry demand, while North America posted a 5% annual increase.

Silver demand for photovoltaic applications jumped 23% in 2015 to 77.6 million ounces. It was the second consecutive year of increases in this sector. Solar panel production in China was a major driver.

GFMS experts aren’t the only ones bullish on silver. Bank of America Merrill Lynch said last month that silver’s fundamentals look the strongest in years thanks to declining mine output and increasing demand.

Silver went on a bull run in April, cracking $17 per ounce for the first time in nearly a year. It has held above that level amid positive signs for continuing Chinese industrial demand and decreasing bets the Federal Reserve will raise US interest rates.”

Get Peter Schiff’s most important Gold headlines once per week – click here – for a free subscription to his exclusive weekly email updates.
Interested in learning more about physical gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!


Related Posts

Ireland Adds Gold to Reserves as Inflation Worries Increase

Over the last several years, we’ve seen strong central bank gold-buying. The surge in gold purchases has primarily been driven by a handful of consistent players. But over the last several months, we’ve seen several new countries enter the market. The most recent is Ireland.

READ MORE →

That Was One Weird Jobs Report

That was one weird jobs report. The labor department released the November employment data on Friday. The numbers simply don’t make any sense. As one chief investment officer put it, “One of the weirdest reports I have ever seen.” One thing seems pretty certain. The labor market has not recovered, no matter how the powers […]

READ MORE →

Gold Demand Continues to Rebound in India

Gold demand in India strengthened in October despite higher prices. This continues a rebound in the world’s second-largest gold market after it was pummeled by government policies during the coronavirus pandemic.

READ MORE →

I’m Dreaming of a Red Christmas?

It appears American consumers are going to have a red Christmas this year. Red — as in going deeper into debt.

READ MORE →

Singapore Adds Gold to Reserves for the First Time in Over 2 Decades

Singapore expanded its gold reserves by about 20% earlier this year, joining a growing number of countries increasing their investment in the yellow metal.

READ MORE →

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Call Now