The Silver Institute: Launch of World Silver Survey 2021
April 22, 2021 | (56 mins 34 secs)
Presenters: Michael DiRienzo, Executive Director of the Silver Institute, Philip Newman,
Managing Director at Metals Focus and Adam Webb, Director of Mine Supply.
The extraordinary events of 2020 have had a profound effect on virtually all markets around the globe and silver has been no exception. The metal’s supply/demand fundamentals, investment, prices, trade-flows and inventories have all experienced sensational fluctuations over the past 12 months or so, including a handful of historical records being achieved. Looking ahead, the effect of the pandemic are set to remain relevant to silver for some time to come.
The impact of the COVID-19 pandemic on most elements of physical demand and supply was relatively straightforward. As a number of key silver mining countries were hit hard by lockdown restrictions, global silver supply declined. This was more than offset, however, by losses across most of silver’s physical demand segments, which suffered as a result of restrictions to economic activity as well as depressed consumer sentiment and/or income loss. This resulted in the largest silver market surplus since at least 2010, the earliest year for which Metals Focus tracks data. [Excerpted from The World Silver Survey 2021]
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