The silver industry expects to see continued growth in the medium term, according to the World Silver Survey 2022, after contrasting forces dominated the market last year.
Silver performed robustly in 2021, as the recovery from Covid-19 got underway, with the first silver deficit since 2015 and an increase of 22% in the price. In particular, there was a surge in demand for physical silver. Sales of silver bars and coins rose by 36% globally, and tripled in India, compared to 2020 levels. Demand for jewellery and silverware was also strong.
With financial uncertainty continuing in 2022 amid global instability, the outlook for physical silver investment is hard to predict. However, the survey reports an expected six percent rise this year in demand for industrial silver – a new record high – as well as continued growth in jewellery and silverware fabrication.
The World Silver Survey has been published by the Silver Institute since 1990.
Click here to dowload the World Silver Survey report.