The Silver Market in 2010. The Silver Market 2010 2 (Jan 4 $17.17/oz) (Dec 30 $30.70/oz) The average silver price in 2010 was $20.19 per ounce The price.

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Presentation transcript:

The Silver Market in 2010

The Silver Market (Jan 4 $17.17/oz) (Dec 30 $30.70/oz) The average silver price in 2010 was $20.19 per ounce The price of silver increased 78% between January and December 2010 In comparison, the price of gold increased 25% in 2010

The Silver Market Source: GFMS’ 2011 World Silver Survey Total supply 1,057 Moz Mine production up 2% to 736 Moz Government sales up 188% to 45 Moz (mainly Russia) Scrap supply up 14% to 215 Moz due to higher prices Total demand 1,057 Moz Total fabrication grew 12% to 10-year high of 879 Moz Industrial fabrication up 20.7% to 487 Moz Photography down 8.3% to 73 Moz Jewelry up 5.1% to 5-year high of 167 Moz Net Investment up 47% to 178 Moz (mainly ETFs & bullion)

The Silver Market 2010 Supply Total silver supply increased 14.6% in 2010, but mine supply rose only 2% Net producer hedging soared to 61 Moz on strong prices Largest mine production increases seen in Mexico, China and Australia; conversely, largest decline seen in Peru Mexico and Peru largest producers with Moz and Moz respectively Demand Industrial demand rose 20.7% to 487 Moz, almost equal to 2008 pre-crisis levels Strong growth mainly due to robust emerging markets’ economic growth, industrialized world’s recovery and producer restocking Most end-uses grew, in particular photovoltaic industry, EO catalysts and the automobile industry Jewelry demand rose 5% on consumer spending in China and as a substitute of gold ETF holdings grew 25% in 2010 to 115 Moz 4 Source: GFMS’ 2011 World Silver Survey

ETF Silver Holdings Combined silver ETF holdings finished 2010 at 583 million ounces Silver ETFs holdings grew approximately 25% or 115 million ounces during 2010 Total ETF holdings were valued at approximately $17.8 billion at year-end 5

2011 Silver Market (GFMS’ Outlook) 6 Source: GFMS’ 2011 World Silver Survey Mine production expected to increase (mainly in Mexico) to ~790 Moz Net producer hedging and scrap supply likely to remain strong on higher prices Overall supply expected to rise ~3% Industrial demand expected to slow after 2010’s strong growth Total fabrication demand forecast to increase between 5% and 10% Jewelry demand likely to increase on economic recovery and higher gold prices Silverware and photographic demand expected to decline on secular shifts Investment demand to remain the main driver of the silver price The silver market will be in surplus; but, excess inventory to be absorbed by investment demand Silver may reach or exceed $50/oz partly on gold’s strong performance