RESEARCH AND ANALYSIS
The Silver Institute has released its World Silver Survey 2012.
Key Findings:
• Record annual average silver price in 2011
• Manufacturing demand second highest since 2000
• Record demand for bullion bars and coins
Strong silver investment in 2011 paved the way to a record annual average silver price in a year marked by steep price volatility, the Institute said. Despite significantly higher silver prices, total fabrication demand posted its second highest level since 2000, while retail silver investment demand for both physical bullion bars and coins and medals surged to record levels.
Summary in full: The Silver Institute.
GFMS Sees “decisive break-out to the upside” in 2012
Launching the World Silver Survey 2012, Philip Klapwijk, global head of metals analytics for Thomson Reuters GFMS, said the group's short-term forecast is that silver will trade between $28.70 to $32.90 per ounce in the second quarter, broadly shadowing gold.
But quoted in this article on Mineweb, he said: "Before the end of 2012 a more decisive break-out to the upside is probable, although a repeat of 2011's high is less likely, as investors will be more cautious following last year's extreme volatility."
Klapwijk said GFMS sees a range for silver north of $40 in the second half of 2012 and maybe getting to a low of $28 per troy ounce this year.
Silver is forecast is rally in the second half of 2012
The World Silver Survey was compiled by the London-based metals
consultancy Thomson Reuters GFMS. The report has been published annually
since 1990 by the Silver Institute, an international industry
association that includes silver producers, refiners, manufacturers and
dealers.