Silver demand and silver deficit
(PresseBox) - .
In 2022, silver demand was at a record high, at the same time 2022 brought a silver deficit.
Worldwide demand for silver was 1.24 billion ounces last year. The deficit was 237.7 million ounces of silver, according to the Silver Institute. This was the second year in a row that there was a deficit in the precious metal. To be clear, the Silver Institute expects solid silver demand for the current year as well. Industrial demand is even expected to reach an all-time high. Even if demand from the coin and bar sector and from the jewelry sector is lower than in previous years, industrial demand will more than compensate for this. And since silver supply is unlikely to grow, a deficit is also expected this year.
In 2022, industrial demand grew by five percent, and there was a 22 percent increase in physical investment. In jewelry, the increase was 29 percent and in silverware it was an 80 percent increase, mainly caused by Indian demand. In jewelry, too, pent-up demand from India ensured a new record level. In physical silver, India again excelled. An increase of 188 percent was recorded here. An important factor is the demand from the photovoltaic sector, which amounted to around 140 million ounces of silver in 2022. This sector is therefore experiencing tremendous growth. Electromobility, the expansion of 5G networks and the construction industry also made not insignificant contributions to the increased demand for silver. Since 2023 should also be an excellent silver year, stocks of silver companies in the portfolio could not hurt.
MAG Silver - https://www.commodity-tv.com/ondemand/companies/profil/mag-silver-corp/ - owns 44 percent of the Juanicipio silver mine (now in the commissioning and ramp-up phase) in the Fresnillo Trend in Mexico. There are other high-grade properties in North and South America.
Tier One Silver - https://www.commodity-tv.com/ondemand/companies/profil/tier-one-silver-inc/ - has other projects in the country (Hurricane, Coastal Batholith, Corisur) in addition to the main Curibaya project in Peru.
Current corporate information and press releases from MAG Silver (- https://www.resource-capital.ch/en/companies/mag-silver-corp/ -) and Tier One Silver (https://www.resource-capital.ch/en/companies/tier-one-silver-inc/ ).
In accordance with ?34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.
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Datum: 21.04.2023 - 01:13 Uhr
Sprache: Deutsch
News-ID 681953
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"Silver demand and silver deficit"
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