Orama Estates LLC and precious metals. Silver Market Review
Total silver demand in the past 2021 was 896.1 Moz, up from 995.4 Moz in 2020, according to data published in the survey. The supply of this precious metal fell to 976.2 million ounces, although in 2020 this figure was 1.019 million ounces. Most of the total demand for 486.8 million ounces of physical silver came from industry. By comparison, total silver demand in 2020 was 514.6 Moz. Last year, the demand for physical silver rose 8% to 200.5 Moz, the highest in the previous four years.
Silver production last year showed a decline of 5.9% to 784.4 Moz. For comparison: in 2020, 833.2 million ounces were produced. At the same time, the supply of recycled silver reached 182.1 Moz, an increase of 7% from 170.5 Moz in 2020. Thus, at the end of 2021, there was a surplus of silver in the volume of 80.1 million ounces on the market.
The median price of silver in 2021 was $20.55 per ounce, up from $16.21 a year earlier, an increase of 27% and also the highest average price since 2013. The Silver Institute predicted that the average metal price in 2022 should grow by 33% reaching $27.30.
By Q3 2022 the price has already passed the aforementioned prediction reaching $27,71 threshold which prompts the experts to believe that $30 mark by the end of the year is plausible and quite intriguing.
Current exponential development of technologies made silver an extremely important part of the industrial production. Direct relation to the hi-tech field makes silver even more attractive for investors. It is also worth noting that it is considered a low-risk asset. Silver is more accessible because it's cheaper compared to other precious metals. Therefore, any entry-level investors can participate in the market life no matter the budget size.
Orama Estates LLC will find you the most suitable options depending on your needs and capital.
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