Global silver demand is expected to rise 16% this year to more than 1.2B oz, making it the biggest decline in decades – 194M oz, four times the 48M oz decline in 2021 – the Silver Institute said this week.
The group said that the use of silver is industrial, jewelry and silver. and both bars and coins are expected to reach demand levels in India that will almost double this year, as buyers have taken advantage of lower prices to restock stocks that fell in 2020-2021.
Demand for silver will remain strong from the auto and solar industries, causing silver to decline in the coming years but not as large as in 2022, according to the report.
Also notable: The amount of silver held in warehouses in London and New York monitored by Comex and the London Bullion Market Association has fallen by 370M oz, or 25%, this year.
Front month Comex silver (XAGUSD:CUR) broke a four-week winning streak last week, and stabilized. -3.1% up to $20.976/oz; silver prices are down ~10% YTD.
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