
Global Silver Demand Rising to a New High in 2022
Silver Jewelry and Physical Investment both forecast to surge
by 50 Moz to record highs this year
Silver demand is forecast to reach a record total in 2022, driven by new highs for industrial demand, jewelry and silverware offtake and physical investment. These were some of the key findings reported by Philip Newman, Managing Director at Metals Focus, and Adam Webb, Director of Mine Supply, during the Silver Institute’s Interim Silver Market Review in New York today, which featured historical supply and demand statistics and estimates for 2022. The following are the key highlights from the presentation:
Silver Supply and Demand | |||||||||||||||
Year on Year | |||||||||||||||
Million ounces | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022E | 2021 | 2022E | ||
Supply |
|||||||||||||||
Mine Production | 796 | 845 | 882 | 897 | 900 | 864 | 850 | 836 | 781 | 821 | 830 | 5 | % | 1 | % |
Recycling | 209 | 180 | 161 | 147 | 146 | 147 | 148 | 148 | 166 | 176 | 185 | 6 | % | 5 | % |
Net Hedging Supply | 0 | 0 | 11 | 2 | 0 | 0 | 0 | 15 | 8 | 0 | 0 | na | na | ||
Net Official Sector Sales | 4 | 2 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 2 | 2 | 28 | % | 6 | % |
Total Supply | 1,008 | 1,027 | 1,055 | 1,047 | 1,046 | 1,011 | 1,000 | 1,000 | 957 | 998 | 1,017 | 4 | % | 2 | % |
Demand |
|||||||||||||||
Industrial | 445 | 449 | 439 | 441 | 474 | 503 | 499 | 501 | 472 | 511 | 539 | 8 | % | 5 | % |
Photography | 53 | 46 | 44 | 41 | 38 | 35 | 34 | 33 | 28 | 29 | 28 | 3 | % | -1 | % |
Jewelry | 159 | 187 | 193 | 202 | 188 | 195 | 202 | 200 | 150 | 182 | 235 | 21 | % | 29 | % |
Silverware | 41 | 47 | 54 | 58 | 54 | 60 | 68 | 62 | 32 | 43 | 73 | 32 | % | 72 | % |
Net Physical Investment | 241 | 301 | 283 | 310 | 212 | 156 | 165 | 187 | 205 | 278 | 329 | 36 | % | 18 | % |
Net Hedging Demand | 40 | 29 | 0 | 0 | 12 | 1 | 8 | 0 | 0 | 4 | 5 | na | 42 | % | |
Total Demand | 979 | 1,058 | 1,012 | 1,053 | 978 | 949 | 975 | 983 | 887 | 1,046 | 1,210 | 18 | % | 16 | % |
Market Balance | 29 | -31 | 43 | -5 | 69 | 62 | 25 | 18 | 69 | -48 | -194 | na | 304 | % | |
Net Investment in ETPs | 54 | 5 | -0 | -17 | 54 | 7 | -21 | 83 | 331 | 65 | -110 | -80 | % | na | |
Market Balance less ETPs | -25 | -36 | 43 | 12 | 15 | 55 | 46 | -66 | -262 | -113 | -84 | -57 | % | -26 | % |
Silver Price (US$/oz, London price) | 31.15 | 23.79 | 19.08 | 15.68 | 17.14 | 17.05 | 15.71 | 16.21 | 20.55 | 25.14 | 21.00 | 22 | % | -16 | % |
Source: Metals Focus | |||||||||||||||
Disclaimer & Copyright. The Silver Institute and Metals Focus
This press release is not to be construed as a solicitation or an offer to buy or sell silver or related products, securities, or related investments, and nor does it constitute advice concerning the buying or selling of the same. Accordingly, you must obtain professional or specialist investment advice before taking, or refraining from, any action related to the content of this press release.
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