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 latest gold market analysis – click here for a free subscription to his exclusive monthly Gold Videocast.
Interested in learning more about physical gold and silver?
Call 1-888-GOLD-160 and speak with a Precious Metals Specialist today!

[Total: 0    Average: 0/5]

Related Posts

Is Janet Yellen Playing a Game of Monetary Chicken?

The Federal Reserve took a hawkish stance at its latest Open Market Committee meeting, announcing plans to begin unwinding its balance sheet next month. Fed chair Janet Yellen also indicated she plans to raise interest rates one more time this year. Here’s the question: Is this a viable path forward, or is the central bank […]

READ MORE →

US Threat to Cut China Off from the International Dollar May Be Empty

china flagEarlier this month, the US threatened to lock China out of the dollar system if it doesn’t follow UN sanctions on North Korea. Treasury Secretary Steven Mnuchin threatened this economic nuclear option during a conference broadcast on CNBC. If China doesn’t follow these sanctions, we will put additional sanctions on them and prevent them from accessing the […]

READ MORE →

Toys R Us Bankruptcy: It’s Not All About Amazon

Toys R Us filed for bankruptcy earlier this week, a wicked head-shot to a retail sector that’s been reeling for months. The TRU filing ranks as the second-largest US retail bankruptcy ever, according to S&P Global Market Intelligence. Toys R Us had $6.6 billion in assets at the time of filing. Only Kmart was bigger. It […]

READ MORE →

Cryptocurrency Website Says Now Is a Good Time for Gold

Even some of the biggest supporters of Bitcoin and other cryptocurrencies recognize the stability of gold. Last week was a bad week for Bitcoin. It’s price dropped significantly in the wake of a Chinese government crackdown on cryptocurrency exchanges in the country. Bitcoin’s price has recovered a bit this week, but a recent article published by […]

READ MORE →

Russia and China’s Golden Plan to Shift Economic Power East

Russia and China seem to be betting their monetary futures on gold. Their long-term maneuverings could seriously undermine the dominance of the US dollar and shift the world’s economic center of power from West to East. Russia and China buy more gold than any other countries in the world, with Russia leading the way. Over the […]

READ MORE →

Leave a Reply

Your email address will not be published.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

close

Enjoy this blog? Please spread the word :)

Free Newsletter & Notification of Special Deals
RSS Feed
LINKEDIN
YouTube Channel
YouTube Channel
Google+
Google+
https://schiffgold.com/key-gold-news/new-report-silver-demand-set-record-in-2015-supply-shrinking
Call Now