Silver prices rose by 49% in 2016. And there is reason to believe that growth will continue - based on AMarkets.
Schedule - growing demand for silver, and the shrinking silver supply:
Silver was mined - it is usually a byproduct of the production of other raw materials such as zinc, copper, gold, nickel.Global production of silver - it is something about 671 million ounces a year. In the past 10 years, silver demand exceeded supply. And in the current year, according to experts, demand for silver could be even more than usual. In 2016, according to CPM projected production of white metal dropped by 2.4%. For the first time in nearly a whole decade. And while demand at the expense of expansion plans for the production of solar cells, electronics, jewelery and coins issuance, clearing systems, in contrast, will grow, according to forecasts, by 1.6% to the end of 2016.
More than half of mined silver is for industrial purpose. Silver - a very important industrial metal. That industry and creates an additional demand for it. In 2016, the main driver of demand will be manufacturing solar panels. In 2016, it will be used approximately 70 million ounces of silver for the production of most of these batteries. It is neither more nor less than 10% of the total annual silver output. This is 23% more than last year. solar energy industry - the fastest growing energy sector - will grow in 2016 by 8.3%. In the period 2010-2040 gg. industry will increase in volume by 20 times.