More (.PDF):
The silver ion engine report was pretty cool IMO (though not likely to generate significant industrial demand for silver unless we are all going to the moon).
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December 2022
- Global Silver Demand for 2022 Forecast to Reach All Time High
- NASA Invents Silver Ion Engine to Propel Spacecraft
- Canadian Photographer Revives Silver-Based Photo Technique
- Report Looks at Silver Jewelry Buying Habits by Generation
- Silver Helps Save Kiwifruit Crops from Post-Harvest Rot
- Silver Helps Keep Elections Honest
- Silver Makes Polyurethane Stronger, More Resilient, Less Likely to Harbor COVID-19
(Washington, D.C. – February 8, 2023) Silver is off to a good start in 2023. The year-to-date silver price average for 2023 (through to February 7) is more than 8 percent higher than the full year price average for 2022. Silver is also expected to achieve a new high in industrial applications, the most important category in the demand complex.
However, economic and geopolitical factors, including persistent tight U.S. monetary policy and the Russian-Ukraine war, could pose challenges for the entire precious metals complex, including silver.
With that in mind, the Silver Institute offers its thoughts on the 2023 silver market, noting that Metals Focus, the distinguished global precious metals research consultancy based in London, contributed to this analysis. The firm will research and produce the Silver Institute’s annual report on the international silver market, World Silver Survey 2023, which will be released on April 19.
Silver Demand
Having hit record highs in 2021 and 2022, silver industrial offtake is expected strengthen further by 2.6 percent y/y to 550 million ounces (Moz) in 2023. Silver industrial demand should be lifted from further gains in vehicle electrification, and governments’ expanding commitment to green infrastructure. Additionally, the end of zero COVID in China supports sentiment towards industrial metals, which extends to silver.
Photovoltaic silver offtake is set to achieve a new peak this year. The Russia-Ukraine war has accelerated the deployment of renewables as governments strive to lessen their reliance on fossil fuels.
Demand in the automotive sector should benefit from rising vehicle output, the easing of the chip shortage and the growing use of electronic components and powertrain electrification. Moreover, infrastructure investment and broader decarbonization efforts are boosting electrical and hybrid vehicle demand. The expansion of charging stations which rely on silver is also on the increase.
By contrast, jewelry demand is forecast to decline by 10 percent this year, driven by the Indian market, while the rest of the world should see a modest rise. After hitting a record high in 2022, Indian jewelry demand this year is expected to ease back to more “normal” levels. In the U.S., a modest dip in consumption may occur this year due to economic concerns and normalized spending on travel. Following a surge in 2022, silverware fabrication is expected to fall by more than 20 percent this year. In line with the jewelry sector, India will account for the bulk of losses in this segment.
Last year, global silver demand rose by an estimated 17 percent to a new high of 1.24 billion ounces (Boz). This year, demand is forecast to dip to 1.15 Boz. However, even at that level, it will still be the second-highest global silver demand level on record.
Silver physical investment is projected to drop by 16 percent y/y from 2022’s record-high of 352 Moz. Even so, this year’s forecast of 295 Moz would still be the third highest total on record. Western investment is expected to fall after hitting a new high in 2022, reflecting two themes. First, while there will initially be some bargain hunting as prices weaken, this will give way to outright selling as the price downtrend becomes more entrenched. Second, as prices stabilize at lower levels, the lack of volatility may encourage some retail investors to shift to alternative asset classes. Investment in India is also expected to be lower as most pent-up demand has already occurred and price expectations and movements in the rupee silver price may undermine demand.
Silver Supply
Silver supply is expected to rise by 4 percent in 2023 to a new high of 1.055 billion ounces, which will be a new high, fueled by higher mine output.
Silver mine production is expected to rise by 5 percent in 2023 to 873 Moz, the highest level since 2016. This growth will largely come from new silver mines in Mexico ramping up production alongside increased by-product output from Chile due to new gold operations there with high silver content. Production in Peru could come under pressure as civil unrest has led to the temporary suspension of several operations in Q1.
The increase in silver recycling will be more modest, with volumes likely to rise by 3 percent to a decade high. This growth will be entirely due to higher industrial recycling. All other areas are expected to record lower volumes, as reduced distress selling will lower jewelry and silverware scrap supply.
The silver market transitioned to a deficit (total supply less total demand) in 2021, for the first time in six years. In 2022, the deficit then surged to a record high of 253 Moz. This year, although the deficit is expected to decline, at a projected 119 Moz, it will still be exceptionally high.
Silver Price & Investment
Early 2023 has started with the silver price benefiting from the upside in gold and base metals, with the latter driven in part by China abandoning its zero-COVID policy. However, looking further ahead, we believe that the U.S. Fed will continue in the coming months to lift interest rates, albeit far more modestly than seen last year. While economic headwinds are anticipated to grow, the strength in the U.S. labor market does not suggest a material slowdown in economic growth. This should discourage the U.S. Fed from lowering rates too quickly, for fear of “allowing” inflation to return.
This year, we have a cautious outlook for the silver price. This is based on our view that, even if the interest rate hike pace slows, the hikes will continue through to the middle of this year, and potential rate cuts (if any) will be marginal. U.S. inflation will also ease materially due to high base effects, which will see real interest rates rise, weighing on silver and precious metals. Furthermore, the dissipation of recession fears should encourage investors to become more risk-on, to the benefit of equities over silver and gold.
At the same time, with inflation on course to ease much further this year, we expect real rates to strengthen. This, together with its impact on the dollar, could undermine silver (and gold) prices. Even so, because of the earlier price upside, we forecast silver to average $23.00 for the full year, which would be some 6 percent higher y/y.
All major silver groups recorded high demand in 2022, contributing to a new total global record of 1.242 billion ounces. In particular, industrial demand – which makes up nearly half of all silver demand – rose by 5 percent, physical silver investment rose by 22 percent, jewelry increased 29 percent, and silverware jumped 80 percent. This upward demand has risen 38 percent since 2020 as countries continue their recovery from the COVID-19 pandemic.
...
• Could a Composite of Minerals Including Silver Replace Lithium in Batteries?
• Silver Plays Vital Role in Wireless “Smart Bandage”
• Silver Makes Water Pollution Separating-Membranes Last Longer; Offers Greater Efficiency
• Silver Helps Turn Waste Heat into Green Electricity
• Silver Spun in Spider-Like Webs
• Silver and Glass Mixture Speeds Wound Care
• ‘Artificial Leaf’ Produces ‘Drop-in’ Fuels
• Cloud Seeding with Silver Iodide is Back
• Silver Plays Explosive Role in Oppenheimer Movie
• DNA, Silver Nanoclusters and Artificial Intelligence Team Up to Detect Tumors
• Silver Nanowires Mimic the Human Brain in Learning and Memory
• Tara Coins a New Model for Silver Bullion in Ireland
• Silver Sox for Horses Help Keep Them Healthy
• Silver Institute Presents at the London Bullion Market Association Global Precious Metals Conference
• Spotlight on Wearables
• Zapping with Microwaves Gives Higher Conductivity and Stability to Silver Imbedded in Wearables
• Silver-Based Sensors Help Measure the Tiniest Amounts of Dangerous Ammonium in Water
• Silver-Based Gel with Amino Acids 100 Times More Effective than Conventional Silver Drugs: Russian Scientists
• Recyclable Silver Ink Plays Prominent Role in ‘Smart Packaging’
• Silver Added to Non-Metal Catalyst Gives Greater Control of Chemical Reactions that Produce Many Consumer Products
• Global Silver Industrial Demand Forecast to Reach New High In 2023 | Another Sizable Structural Silver Market Deficit is Expected
• Nanosilver Added to Aluminum Alloy Improves its Industrial Properties
• Report Forecasts Silver Demand in Key Sectors | Industrial, Jewelry and Silver Expected to See Robust Future
• Silver May Replace Expensive Platinum Group Metals for Use in Fuel Cells | Breakthrough Could Mean Everyday Use of These ‘Green’ Batteries
• Silver Helps Bring Potable Water to the Navajo Nation
• Silver Particles Added to Natural Fabric Dyes Enhances Color Fastness and Vibrancy
Silver’s Dual Nature as a Financial Asset and an Industrial Commodity Requires a Multi-Factor Analysis to Understand and Predict Movements in the Price
(Washington, D.C. – February 27, 2024) As both a financial asset and an industrial commodity, silver’s price is determined by multiple factors, the importance of which can vary significantly over time. To explore and better understand this complex set of factors, the Silver Institute has commissioned a new Market Trend Report, “Factors that Determine the Silver Price,” produced by Precious Metals Insights.
The Report finds that no magic formula or combination of factors consistently and accurately explains the level of or change in the silver price. While the price of silver is not a random walk, neither is its future path entirely predictable based on past trends.
Silver is closely correlated to certain factors that can be seen regularly to be of importance in price determination, while other variables rarely, if ever, appear to exercise any influence over the white metal. The Report identifies and explains the principal factors behind movements in the silver price over recent decades. It assesses silver’s supply/demand fundamentals to ascertain to what extent changes in these may have affected the price and examines various exogenous factors that may have been responsible for movements in the price of silver.
In addition to silver’s supply/demand fundamentals, the Report also addresses how the silver price can be affected by gold and copper prices, silver’s relationship to the Commodity Research Bureau Index, exchange rates, interest rates, inflation, and stock prices.
...
Furious Stackers Demand Answers After Silver Institute's Shocking Conflicts Revealed.
Can You Trust the Silver Market? Stackers Say "Hell No" After Silver Institute's History of Deception is under Investigation.
- This is part 1 of 20 articles leading into their inglorious World Silver Survey.
- The result is that by the Fall of 2024, their legitimacy, reputation, and credibility will go to zero, and soon, their sponsors will run for the Fire Exits.
Furious Stackers Demand Answers After Silver Institute's Shocking Conflicts Revealed.
Can You Trust the Silver Market? Stackers Say "Hell No" After Silver Institute's History of Deception is under Investigation.thesilverindustry.substack.com
Honestly, in the whole article there is not a single, specific accusation beside some potential conflict of interest given the professional past of the two directors.
I'm not a fan of the Silver Institute, I think their method of calculating investment figures is wrong, I agree with Keith Newmeyer in not sponsoring them anymore, but this article imo is a nothing burger.
Btw the "investigation" mentioned in the title isn't some sort of criminal investigation conducted by law enforcement authorities, it's just the journalistic investigation of the anonymous author of this article.
If 2 is silver's dual nature, what is 3?
The nothing burger saga goes onHonestly, in the whole article there is not a single, specific accusation beside some potential conflict of interest given the professional past of the two directors.
I'm not a fan of the Silver Institute, I think their method of calculating investment figures is wrong, I agree with Keith Newmeyer in not sponsoring them anymore, but this article imo is a nothing burger.
- Global Silver Demand Forecasted to Rise to 1.2 Billion Ounces In 2024, Second-Highest Level Ever Recorded | Industrial Demand a Key Driver
- Silver Stakeholders Call for Metal to be Included in Canada’s Critical Minerals List
- Silver Coin News | Costco Selling Silver Eagles• Silver Coin News | Costco Selling Silver Eagles
- Rare Silver Coin Excavated Near Jerusalem• Rare Silver Coin Excavated Near Jerusalem
- Greek Silver Coins Minted During Time of Olympic Games Found• Greek Silver Coins Minted During Time of Olympic Games Found
- Peruvian Silver Contest Brings Silversmiths’ Work to the Public• Peruvian Silver Contest Brings Silversmiths’ Work to the Public
- Silver Oxide Spray Kills Pathogens on Air Filters | Mitigates Airborne Germs that• Silver Oxide Spray Kills Pathogens on Air Filters | Mitigates Airborne Germs that Cause Pneumonia and Other Infections
- Silver Helps Lower Air Pollution | Countries Use Silver-Iodide Cloud Seeding to• Silver Helps Lower Air Pollution | Countries Use Silver-Iodide Cloud Seeding to Wash Out Smog
- Upcoming Events | World Silver Survey | India Silver Conference – Goa, India |• Upcoming Events | World Silver Survey | India Silver Conference – Goa, India | Peruvian International Mining Conference (SYMPOSIO)
"Global Silver Demand Forecasted to Rise to 1.2 Billion Ounces In 2024"
With global production at 800-900M oz, where will the rest come from? beside scrap?
I say ETFs
Let's see if silver follows gold: ETF's stocks decrease while price increase
The Silver Institute is pleased to welcome five companies to its growing roster of members. These companies represent key areas of the broader silver industry and are based in Australia, Switzerland, Singapore, and the United States, further expanding the Silver Institute’s global footprint.
The new members include:
The Australian Bullion Company (ABC Bullion), based in Sydney, is Australia’s leading precious metal and bullion specialist. They have been trading continuously for over 50 years, assisting Australian investors in purchasing silver, gold, platinum, and palladium. Their refinery, ABC Refinery, is accredited by the Shanghai Gold Exchange, the London Bullion Market Association, and the CME Group.
Bunker Hill Mining Corp. (CN: BNKR; OTCQB: BHLL) is building a modern, sustainable mining company with the Bunker Hill Silver-Lead-Zinc Mine as its cornerstone asset. Headquartered in Kellogg, Idaho, they are led by an experienced management team of former executives from Barrick Gold Corporation, who aim to restart the mine this year.
Glencore (LSE:GLEN; JSE:GLN) is one of the world’s largest global natural resources companies, producing over 60 commodities, and has offices in over 35 countries. Based in Baar, Switzerland, Glencore produced 23.8 million ounces of silver in 2022, making it the world’s fourth-largest silver mining company.
Silver Bullion Pte Ltd is one of Singapore’s largest precious metal dealers. It specializes in wealth protection and offers services, including trading, vaulting, collateralizing, and non-destructive testing of metals at its ISO-9001-certified vault, The Safe House, located within its own building, The Reserve. With over 15,500 metric tons of storage capacity for precious metals, The Reserve is one of the highest-capacity vaults in the world.
Sunshine Minting (SMI) is a full-service minting facility headquartered in Henderson, Nevada. SMI is a primary supplier of silver and gold products to several of the largest sovereign mints, capable of producing large volumes of high-quality bullion, blanks, coins, bars, and medallions. SMI has minting facilities in Nevada, Idaho, and Shanghai, China.
Phillips Baker, President and CEO of Hecla Mining Company and the Chairman of the Silver Institute, stated, “We welcome the newest members to the Silver Institute. One of my goals as Chairman is to grow our membership to expand the Institute’s role in communicating silver’s vital role in our society, especially as a necessary catalyst for green energy applications, such as solar energy and global electrification efforts.”
- Silver Industrial Demand Rose 11 Percent in 2023 Reaching a New Record |
Silver Demand for Photovoltaics Increased 64 Percent, Surpassing EstimatesSilver Demand for Photovoltaics Increased 64 Percent, Surpassing Estimates- Silver Institute Membership Continues to Grow• Silver Institute Membership Continues to Grow
- Short Zaps Of Electricity Enhance Silver’s Ability To Migrate Malignat Cells• Short Zaps Of Electricity Enhance Silver’s Ability To Migrate Malignat Cells
- Many Factors Determine the Price of Silver, Report Notes• Many Factors Determine the Price of Silver, Report Notes
- Recycling Silver from Button Batteries Made Easier;• Recycling Silver from Button Batteries Made Easier;
Yields Less Environmental WasteYields Less Environment
- Silver May be the Answer to Biting Midges; Insect Carries Deadly Disease to Livestock in U.S. and Europe.
- Can Silver, Apples and Copper Curtail Oil Pipeline Corrosion?
- Electric Bandage Makes its Own Power With the Help of Silver
- How Silver Helps the Green Revolution
- Nanosilver Can Self-Heal Breaks or Damage; Will Your Mobile Phone Fix Itself One Day?
- Silver Nanowires Help Make Gold Nanowires for Nerve Experiments
• Majority of Above-Around Stocks are Unavailable to the Market Regardless of Price
• Silver Industrial Demand on Track to Post New Record
• Monitoring Stent Relies on Silver
• Silver Nanoparticles Can Make Tire Production and Recycling Safer for Workers
• A Silver Band-Aid for Plants?
• Shielding Suit Keeps You Off the Grid
• Silver Nanowires Yield Better Industrial X-Ray Images
• Largest Silver Maple Leaf Bullion Coin Minted
...
Silver saw its fourth year of a major deficit in 2024 as a slight 2% rise in supply and 3% dip in demand still meant a shortfall of around 150Moz (4,600t).
...
Turning to silver’s fundamentals, although its market deficit fell by 26% y/y last year, it remained high at 148.9Moz (4,632t), equivalent to 15% of global supply. Underpinning overall demand was another record high for industrial offtake, within which all major segments enjoyed gains. Further declines in bar and coin demand continued to offset this, however, resulting in a modest decline in total demand. Total supply rose by 2% last year, mainly due to higher recycling, although mine production was also up at the margin.
...
With supply only forecast to rise by 2% and demand to ease by 1%, 2025 is set for another major deficit (117.6Moz/3,659t), but silver may have to wait for above-grounds stocks to shrink further for notable outperformance of gold.
...
2025 World Silver Survey has been published (92 page .PDF):
More:
That graph show "installations" So it may be accurate as installation does not necessarily correlate with production. I have panels that were produced two years ago that are still not installed.Bix is gonna have fun with this chart. They acknowledged good growth in PV production, but yet try to say it used less silver in total.
View attachment 16306
They can for commercial projects. And guess for smaller systems by permits applied for. But projects that don't require permits, they could only guess by panels sold. Or satellite/dronesJust another way they can fudge the data. They have no way of knowing what PV's were actually installed. Doesn't really matter if it was installed, it matters when it was made.
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