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Investors propel silver price, demand in '08

Silver jewelry fabrication drops 3.2 percent

May 19, 2009

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Fabrication of silver jewelry, like these rings by Boma, dropped 3.2 percent in 2008.

New York--Robust investor demand and solid industrial off-take catapulted silver's price in 2008, with last year's average of $14.99 per ounce eclipsed only once before in the metal's history, according to the Silver Institute's "World Silver Survey 2009."

Findings such as this, the survey authors said, showcase silver's dual role as both an investment and an industrial metal.

During the first half of 2008, investors drove the price of silver up above the $20 per ounce mark. As the economic outlook deteriorated in the second half of the year, silver's price, like that of other metals, slumped, before finally beginning a recovery in the first third of 2009.

Investors propelled silver to multi-decade highs, with a record of 93.1 Moz flowing into the three main silver exchange-traded funds. Investment-related purchases of bullion coins also surged in 2008, and coins and medal fabrication jumped 63 percent to a record 64.9 Moz.

Within the first few months of this year, physical investment demand has continued to increase as the U.S. Mint has already achieved a nearly 70 percent year-on-year rise in the first quarter.

As for supply and demand, global mine production increased 2.5 percent in 2008 to 680.9 Moz.

Increased production, according to the report, was driven by strength in the gold and lead/zinc by-product sectors, and Bolivia's output, in particular, more than doubled over its 2007 performance. Russia's supply also increased notably, experiencing a 24 percent gain. Yet Peru still leads as the world's biggest silver mining country, followed by Mexico, China, Australia and Chile.

Meanwhile, total global silver fabrication slipped 0.9 percent in 2008 to 832.6 Moz, with jewelry fabrication dropping by 3.2 percent to 158.3 Moz.

The World Silver Survey 2009 was independently researched and compiled by metals research company GFMS Ltd. and has been published annually by the Silver Institute since 1990. For additional findings, visit the Silver Institute's Web site, SilverInstitute.org.
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