Silver is off to a good start in 2023, with the year-to-date price average to 7 February more than eight percent higher than the full year price average for 2022.
A new report from The Silver Institute shows that silver is expected to achieve a new high in industrial applications, lifted by further gains in vehicle electrification and governments’ growing commitment to green infrastructure. However, continuing economic and geopolitical factors could cause challenges for the precious metals industry as a whole, including silver.
After record highs for silver in 2021 and 2022, silver industrial offtake is expected to strengthen by a further 2.6% year on year to 550 Moz in 2023. However, demand for silver jewellery is expected to decline overall and to drop back to ‘normal’ levels in India after last year’s highs.
The report was compiled by The Silver Institute and Metals Focus, which will research and produce the annual World Silver Survey 2023, due for publication in April.
Read the full report here.