World Silver Survey 2020 From The Silver Institute

(April 2020 - The Silver Institute)

Over the few weeks running up to the time of writing (in early April), the COVID-19 crisis has had a profound impact on normal ways of life, economies and financial markets around the world. What had originally been seen as a China/Asia problem quickly evolved into a global pandemic, resulting in large swathes of the world population being forced to operate under some form of
restrictive activities. The impact of such disruptions on the world economy is already stark. Unsurprisingly, the crisis has triggered some of the most aggressive liquidations seen in history. Equities, high yield debt and industrial commodities were particularly hard hit, with the S&P 500, for instance, falling by 35% from peak to trough over February-March. Against this backdrop, one might have expected silver to do well. The metal’s traditional correlation with gold (as well as its own safe haven attributes) would suggest that the silver price ought to, at the very least, only suffer modest losses, if not in fact rally, as investors rotate into precious metals.

Headlines from this document include:
• Market and Price Outlook: Supply Outlook, Demand Outlook, The Longer Term Outlook for Silver
•Investment: Outlook, Institutional Investor Activity, Physical Investment, Above-Ground Silver Stocks
•Mine Supply: Mine Production, Primary Silver Production Costs, Reserves & Resources, Corporate Activity, Producer Hedging, Silver Streaming, Disruption to Silver Mine Supply in 2019 and 2020
• Recycling: Industrial, Jewelry, Silverware, Photography
•Bullion Trade:  Europe, North America, Middle East, South Asia, East Asia
• Industrial & Photography Industrial Demand: Photographic Demand, Silver Demand in Photovoltaics, Silver’s Pivotal Role in Green Energy, Technological Progress & Future Silver Demand
• Jewelry & Silverware

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