Global demand for silver is expected to rise 16% this year to 1.21 billion ounces, creating the biggest deficit in decades, according to the Silver Institute on Thursday night.
Use of silver by industry, for jewellery and silverware and for bars and coins for retail investors were all forecast to reach record levels, the institute said.
Exchange traded funds storing silver for investors shrank, however, returning metal to the market, but the Silver Institute does not count ETFs as physical demand because they only store wholesale silver bars and do not rework them. Demand is likely to fall next year, said Philip Newman at consultants Metals Focus, which prepared the Silver Institute's numbers.
The amount of silver stored in vaults in London and New York monitored by the COMEX exchange and the London Bullion Market Association has fallen by around 370 million ounces – or 25% -- this year.
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