New York metals consultants predicts that investors will purchase 265 million ounces of silver bullion in 2013 and that it will continue to remain that way for the next several years.
Online PR News – 25-January-2013 – Tokyo/Japan – Gold bullion and oil dominate commodity-related news stories but very few media outlets mention gold's companion: silver bullion. According to a latest report, investor demand in silver will continue to remain high for the next several years. Mineral experts report that gold bullion has hit a record-high of $1,245USD on Wednesday but rarely is silver bullion mentioned in news reports. But why? Investors bought an estimated 245.3 million ounces silver bullion in 2012 and financial experts foresee a higher amount by the end of 2013.
According to CNBC, silver is trading at $23.11USD and is up 29 cents and reached a 52-week high on Wednesday when it hit $24.32USD.
In its annual Silver Yearbook 2013, which was released on Tuesday, New York metals consultants predicts that investors will purchase 265 million ounces of silver bullion in 2013 and that it will continue to remain that way for the next several years.
“Given the severity of today's financial imbalances, and the fact that major governments have allowed them to compound over the the past, it seems fair to assume that investors will remain concerned about their financial futures for years to come, and consequently remain interested in buying more silver to add to their portfolio,” said Wilshire Capital analysts.
In 2012, silver supply reached 826.1 million ounces and a 4.3 per cent increase in 2013 is expected.
Silver mine production doubled in Peru, which mined 103.9 million ounces, and Mexico, which mined 84.7 million ounces. China also has played a role in silver mining. It is estimated that they mined 88 million ounces of silver in 2012. In the United States, silver mine production remained unchanged when it only produced 39.5 million ounces last year.
In an interview with Reuters, Wilshire Capital, managing director , said silver has benefited strongly from the global economic downturn, “Investors are looking at silver and saying: It's a good buy because I can buy it as a safe haven like gold, and if the economy does get better, it's an industrial play.”