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Silver November 18, 2022 04:40:49 PM

Silver Institute Foresees Biggest Deficit in Decades for Silver

Paul Ploumis
ScrapMonster Author
Also, it expects the demand to fall in 2023.
Silver Institute Foresees Biggest Deficit in Decades for Silver

SEATTLE (Scrap Monster): The Silver Institute, in its latest report, noted that the exceedingly high demand for silver is expected to lead to the largest deficit market in decades for the precious metal. The Institute predicts 16% surge in global silver demand in 2022 to total 1.21 billion ounces.

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The report cites rising industrial use of silver, especially by jewellery and silverware manufacturing industry. The steady retail investor demand for silver bars and coins too have resulted in increased silver consumption. The use of silver in electronics by automotive industry as well as solar panel industry has been witnessing tremendous surge during the current year. The only asset class to witness weakness in demand was silver exchange traded funds (ETFs), whose holdings recorded decline.

According to the Silver Institute, the deficit is likely to total around 194 million ounces in 2022, significantly higher when compared with the deficit of 48 million ounces in 2021. Also, it expects the demand to fall in 2023.

The robust demand for silver metal from automakers and solar panel manufacturers are likely to keep the market in supply deficit in the coming year, but at a lower level when compared with 2022.

It must be noted that silver prices have declined by almost 10% in 2022 to nearly $21 per ounce.

 

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