2017 was the fifth consecutive year of annual deficits in the global
mine supply of silver, with the deficit reflecting a drop of 26
million troy ounces by year's end, according to World Silver Survey
2018, published by The Silver Institute.
The survey was prepared for The Silver Institute by by the GFMS team
at Thomson Reuters.
Not all inscription ‘misspellings’ are true
misspellings: Mike Diamond reports on coins that, at
first glance, appear to have misspelled legends or dates but, with
closer study, are found to have die defects that are misleading.
Mine supply fell for the second consecutive year by 4 percent in
2017, following 13 consecutive annual increases prior to 2016,
according to the survey. Factoring in a reduction in supply from
scrap, overall silver supply dropped 2 percent in 2017 to just under 1
billion ounces. This was a result of years of capital expenditure
reductions, in combination with supply disruptions, particularly in
The London Bullion Market Association silver spot price averaged
$17.05 per ounce in 2017, down 0.5 percent year-on-year, according to
the survey. Prices traded in a range of $15.22 per troy ounce to
$18.56 an ounce, starting the year at $15.95 per ounce and ending it
at $16.87 per ounce.
Investments, comprising bar, coin and medal purchases, and additions
or drawdowns to exchange-traded products, plummeted by 40 percent in
2017, to 153.5 million ounces, the lowest level since 2007. “In value
terms, annual identifiable investment was approximately $2.6 billion
in 2017, a 61% drop off from the historical high in 2012,”according to
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“Silver coin and medals fabrication tumbled by a sharp 35 percent in
2017, to hit 79.4 million ounces, the lowest level since 2008, led by
subdued demand from the western hemisphere on the back of growing risk
appetite and rallying equity markets, which saw investors holding back
from buying zero-yielding assets,” according to the survey.
Institute is a nonprofit international association that serves as
the industry’s voice in increasing public understanding of the many
uses and values of silver.