News Bureau

World Silver Survey 2019

Three positive developments emerged in the silver market last year, according to the just-released World Silver Survey 2019:1: Total silver demand increased for the first time since 2015, rising 4 percent to 1.03 billion ounces. 2: There was a robust recovery in retail investment, led principally by silver bar demand, which climbed sharply last year.

3: On the supply side, global mine supply fell for the third consecutive year, following a continuous streak of 13 annual increases before 2016. Silver scrap supply has been in retreat since 2012 and fell by nearly 2 percent last year. These factors led to another tightening of the supply/demand balance, contributing to a physical deficit of 29.2 million ounces (Moz) in 2018.

The 4 percent growth in total silver demand for 2018, reaching 1.03 billion ounces, marked a three-year high. The silver coin and bar category rose by 20 percent, although the rise was entirely driven by silver bar demand, which jumped by 53 percent. Silver bar demand was led by exceptionally strong sentiment in India, where demand leapt 115 percent higher last year.

Silver jewelry demand moved 4 percent higher in 2018 to 212.5 Moz. India was again the standout, pushing its demand for jewelry up 16 percent to achieve a new record level. Demand also picked up in North America, with the United States posting a 7 percent rise to an all-time high of 17.4 Moz. Global demand for silverware jumped by 6 percent last year to 61.1 Moz, led by a strong recovery in demand from India, which experienced a 10 percent increase to 41.8 Moz. Turkish silverware demand rose by 20 percent to 1.6 Moz, a level not seen since 2009. (Sooner the choicest part of Report 2019 would be uploaded.)

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