Mine Production Stagnates As Silver Coin Demand Hits Record High

Thomson Reuters has released their interim Silver Market Review including provisional supply and demand forecasts for 2015.

Highlights from that report include:

– Total silver supply is forecast to fall to 1,014.4 Moz* in 2015, down 3%
– Silver bullion coin sales at record high, up 95% year-on-year
– Coin demand should account for 12% of physical demand this year
– Silver market is expected to be in an annual physical deficit of 42.7 Moz* in 2015
– Silver prices this year are 18.3% lower than in the same period in 2014
*Millions of Oz


A one thousand oz silver bar

According to a recent review by silver analyst Steve St. Angelo, “The world has experienced consecutive silver deficits for the past 12 years”.  Recently published data shows  “three of the top five silver producing countries are showing large declines in production compared to the same period last year”.  He also highlights the most important statement in the Interim Silver Market Review: “While such deficits do not necessarily influence prices in the near term, multiple years of annual deficits can begin to apply upward pressure to prices in subsequent periods”.

Other observations from the review include a predicted increased demand from industrial silver consumers – the photovoltaics industry, Solar and ethylene oxide producers – however, the total industrial demand for silver is forecast to fall by 4% to 570.7 Moz, and to account for 54% of physical demand in 2015. Total physical demand is also forecast to contract by 2.5% in 2015, to 1,057.1 Moz, primarily driven by a drop in demand from the electronics sector, a downward trend which begin in 2011.

The global ‘supply squeeze’ in silver coins, has forced some mints to ration sales and sending US-based buyers to seek coins from overseas.  The Perth Mint have stated demand for silver coins is unprecedented (see Silver coin demand is absolutely through the roof” – Perth Mint”).

Read the full Thomson Reuters Releases Interim Silver Market Review

Additional sources:
Silverseek.com ‘World Silver Deficits –12 Years Running’
“Biggest Silver Supply Losers For 2015”

 

DAILY PRICES
Today’s Gold Prices: USD 1085.15 , EUR 1014.80 and GBP 709.26 per ounce.
Yesterday’s Gold Prices: USD 1073.10, EUR 1004.18 and GBP 703.05 per ounce.
(LBMA AM)

Silver in USD – 1 Month

Gold had decent gains yesterday- $11.90 throughout the day – closing at $1082.00. Silver also finished up slightly – by $0.10 – to close at $14.27. Platinum gained $7 to $853.

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Mark O'Byrne

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