Physical Silver Demand Grew 3.4% in 2015.
Global Silver Mining Production Grew 2.1% in 2015.
The Silver Institute released their review of 2015 silver supply and demand today showing that demand for physical silver outpaced silver supply in 2015.
Highlights of The Silver Institute Report.
Global Silver Demand Grew in 2015.
Jewelry demand grew for the third year in a row, led by increases in demand in India, Thailand and North America but offset by declining demand in China.
Industrial demand was about 50% of the overall silver demand down from about 54% in 2014. The Silver Institute noted that industrial demand was down due to a slowing global economy. Silver demand for the production of solar panels and ethylene oxide, however, bucked the declining industrial trend with increases in demand of 23% and 103%, respectively. The decline in industrial demand in 2015 was more than offset by increases in silver coin and bar demand.
Silver Coin and Bar Demand
Silver Coin and Bar Demand grew about 24% in 2015 to nearly 300 million ounces. The increase in silver coin and bar demand coupled with a decline in industrial demand was responsible for taking industrial demand down to about half of overall silver demand, down from about 70% of overall silver demand ten years ago.
Dramatic increases in silver coin and bar demand over the past ten years have reduced the percentage of silver used for industrial demand from about 70% to about 50%.
Silver coins and bars have been constituting a greater percentage of over all silver demand (in red) in recent years.
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Global Silver Mining Production Increased in 2015
According to the Silver Institute, global silver mining production increased about 2% in 2015 to 886.7 million ounces. Their findings mirror the reports of Societe Generale, the CPM Group, Statistica , the Peruvian and the Mexican governments that indicated that silver mining production increased in 2015.*
Primary silver mining production led the production gains with a 5% increase year over year.
Scrap silver represented about 14% of the approximately 1 billion ounces of silver supply last year, down from about 16% in 2014.
Silver Remains in Deficit
The silver supply/demand dynamic went further into deficit in 2015.
Copies of the Silver Institute’s “World Silver Survey 2016” are available to the media upon request, and can be purchased by the public from the Institute’s website www.silverinstitute.org.
See also Silver Supply and Demand 2015
* the United States Geological Service estimate for 2015 also shows an increase in global silver mining production
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