Silver loses almost 15% from its 12-year high in October “According to the report, Silver demand should increase by 1% to 1.21 billion ounces, reaching the second-highest level since records began. However, in the spring, the Silver Institute and Metals Focus were still expecting somewhat stronger demand. Industrial demand is expected to increase by 7% to a record level, driven by electrical and electronic applications. Increases are also expected for jewellery and Silverware.
Both rising mine production and a stronger supply of Silver scrap are contributing to the higher supply. The latter is expected to reach a 12-year high, reflecting the higher price level. This year, the Silver market is expected to show a supply deficit for the fourth year in a row, which at 182 million ounces is likely to be considerable again.” “In spring, however, the Silver Institute and Metals Focus had expected an even larger deficit.
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