Silver Hits Record Demand in 2013
Silver demand surges in 2013 lead by demand for physical bullion for investment and industrial uses.
Silver demand hit a record high in 2013 according to the “World Silver Survey 2014″, released today by the Silver Institute.
Highlights of the World Silver Survey 2014:
– Total silver demand was 1,081 million ounces (Moz) in 2013 up from 954.4 Moz. in 2012, or a 13.3 percent increase year over year.
– Demand for silver coins and bars rose 76% in 2013 from 139.3 Moz sold in 2012 to 245.6 Moz sold in 2013.
– Demand for physical silver bullion surpassed demand for use in electronics for the first time.
– Demand for silver coins and bars was 22.7% of the over all silver demand in 2013, up from 14.6% in 2012.
– Demand for silver for use in electronics declined slightly in 2013 falling from 237.0 Moz in 2012 to 233.9 Moz in 2013.
– Demand for silver for jewelry increased from 181.4 Moz in 2012 to 198.8 million Moz in 2013.
– Demand for silver for silverware increased from 44.6 Moz in 2012 to 50.0 Moz in 2013
– Total silver industrial demand fell from 589.1 Moz in 2012 to 586.6 Moz in 2013
– Silver industrial demand in 2013 constituted nearly 54.3% of total demand vs. 62% of total demand in 2012.
– Total 2013 silver supply was 978 million ounces of which 819 million ounces were from mining.
The surge in sales of silver coins and bars in 2013 was also reflected at the US. and Canadian Mints, which both achieved record silver sales in 2013.
The United State Mint achieved record sales of 43.475 Moz in 2013.
Silver sales at the U.S. Mint in 2014 are ahead of their record pace set in 2013.
The Canadian mint also reported selling a record 28.2 million silver one ounce Maple Leaf coins up from 18.1 million in 2012.