The following is an edited summary from the Silver Institute, based on findings in its World Silver Survey 2018. For more information, visit www.SilverInstitute.org.
Industrial demand for silver, fuelled by record photovoltaic growth, rose in 2017 for the first time since 2013. A stronger global economy led to healthy demand from the semi-conductor market, resulting in greater silver offtake in electrical and electronics applications, as well as brazing alloys and solders. The jewellery and silverware sectors also saw gains in 2017. On the supply side, global mine supply fell for the second straight year, after an uninterrupted streak of 13 annual increases before 2016. Silver scrap supply, which has retreated since 2012, again registered a loss. This led to a tightening of the supply and demand balance, contributing to a physical deficit of 26 million oz. in 2017, the fifth consecutive annual deficit.
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