Total global demand for silver surged in calendar year 2021 by 19% to 1.05 million ounces, reaching its highest level since 2015, according to World Silver Survey 2022 released by the Silver Institute.

The in-depth 86-page report was commissioned with the precious metals consultancy MetalsFocus.

Investment sales of silver coins and bars jumped 36%, to 279.7 million ounces, also the highest level since 2015.

According to the survey, North American and European investors took advantage of periods of lower spot prices to bolster their silver holdings.

The average silver price in 2021 was $25.14 per ounce, a 22% increase over the previous year. Since 2017, the average yearly silver price has increased 47%, according to the MetalsFocus analysis.

Mining of silver in 2021 grew by 5.3% worldwide, reaching 822.6 million ounces, with the increase credited to recovery from 2020 COVID-related disruptions.

Global silver recycling from industrial scrap, climbed 7% to an eight-year high in 2021, hitting 173 million ounces. And despite geopolitical and economic issues, including the Russian invasion of Ukraine, MetalsFocus is still forecasting 2022 demand for silver globally to increase by at least 5%, with investment in exchange-traded funds targeted by 25 million ounces.

A PDF version of World Silver Survey 2022 is at https://www.silverinstitute.org/wp-content/uploads/2022/04/World-Silver-Survey-2022.pdf.

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