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The Silver Institute reported that during the first half of 2015, there was an uptick in silver demand for jewelry and industrial applications.
The Silver Institute reported that during the first half of 2015, there was an uptick in silver demand for jewelry and industrial applications.
It also states that the silver market is expected to be in a 57.7-million-ounce deficit in 2015 due to low supply and further expansions in demand. 2015 will mark the third year of a physical deficit in the silver market.
The organization states:
Silver jewelry, a mainstay of silver demand, was strong in the first half of 2015. In the U.S., imports of silver jewelry jumped 11 percent through the end of May, as consumer desire for silver jewelry increased significantly this year. The U.S. is the largest importer of silver jewelry, as measured in dollar terms, and this demand impacts silver trade across Asia. U.S. imports from Thailand are up 18.5 percent through the end of May while China showed an increase of 14 percent in the same period. GFMS Thomson Reuters (GFMS), the precious metals consultancy, estimates that globally silver jewelry will grow 5 percent in 2015.
With almost 60 percent of silver demand tied to industrial use, silver’s role in industrial applications is looking brighter in several important areas. GFMS forecasts a 2 percent growth in industrial applications for silver this year.
Click here to read the full report from The Silver Institute.