According to research by the Silver Institute and analytical company GFMS, most investors expressed interest in the white metal in 2018 and actively acquired it. Over the past three years, the demand for silver has grown by 4% to 1.03 billion ounces, experts say.
In 2018, the cost of precious metals fell by an average of 7.8% and reached $15.71 per 1 ounce based on the report submitted by the Silver Institute and GFMS. Over the past year, white metal traded in the range of $13.97 to $17.52 per 1 ounce. In 2017, the average cost of silver was more stable being in the range of $17.05 for 1 ounce.
At the end of last year, the demand for silver coins and bars increased by 20% to 181.2 million ounces. At the same time, growth was observed mainly in relation to ingots and amounted to 53%. Experts also recorded an increase in demand for silver jewelry by 4% from 204.5 million to 212.5 million ounces.
A report by the Silver Institute and GFMS reported that silver production fell by 2% to 855.7 million ounces last year. Note that it was 876.9 million ounces in 2017. According to experts, the production of precious metals are reduced for the third year in a row. Thus, according to the results of 2018, the deficit of physical silver was 29.2 million ounces. Although in 2017, its surplus was recorded at 34.2 million ounces. Analysts explained that this has increased the interest of investors in the white metal.
The material has been provided by InstaForex Company – www.instaforex.com