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Silver demand increases in first half of 2015
Demand for silver in jewelry and industrial applications is up, and GFMS Thompson Reuters predicts that globally silver jewelry will increase 5 percent this year.
Washington, D.C.--There was an increase in demand for silver in the jewelry and industrial applications fields in the first half of the year, the Silver Institute said in a report released last week.
Imports of silver jewelry into the United States, the world’s largest importer of silver jewelry, rose 11 percent through the end of May, with the Silver Institute noting that consumer desire for silver jewelry has “increased significantly” so far this year.
GFMS Thompson Reuters estimates that globally silver jewelry will grow 5 percent in 2015.
In addition, the gold/silver ratio, a measure of the metals’ relative prices calculated by dividing the price of an ounce of gold by the corresponding price of silver, has averaged 58 since 2000. The ratio averaged 73 in the first half of the year, “indicating that silver is underpriced relative to gold,” the Silver Institute said, which “gives way to increased potential buying in the silver market.”
On the supply side, the silver market is expected to be in a deficit of 57.7 million ounces in 2015, as supply contracts and physical demand grows. This would mark the third consecutive year that the market is in a physical deficit.
Investment-wise, demand for silver has been sturdy in the first half of the year in what has been a “challenging precious metals investment market,” as global silver exchange traded fund holdings increased by more than 4.7 million ounces, “indicating that these investors likely have a more positive long-term view of the silver price,” the Silver Institute said.
Declining in the first half of the year were global bullion coin sales, which dropped 6 percent year-over-year to $43.6 million ounces. The U.S. Mint, faced with a significant spike in investor interest, suspended sales of its silver bullion coins from July 7 to 27 (resuming on an allocated basis) after exhausting its inventory. Still, first half 2015 global bullion coin sales were the fifth highest on record.
In related news the Silver Promotion Service, created by the Silver Institute to enhance the image of and stimulate demand for silver jewelry, recently announced a new marketing initiative, “Silver Style Partners,” an addition to its Savor Silver program. The intent of the new category is to enable the SPS to include jewelry made with silver as well as gemstones and other materials to its Savor Silver program.
“The addition of a Silver Style
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Partner designation is in response to both popular demand within the jewelry industry and the opportunity to further increase the demand for silver jewelry,” SPS Director Michael Barlerin said.
“A number of silver jewelry companies have approached the SPS in the past regarding participation in the (Savor Silver) program, but were excluded because of ‘visual criteria.’ The SPS plans to initiate outreach to this category of manufacturers in the coming weeks, with the goal of incorporating the new brands into Savor Silver in September.”
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