{"id":1179940,"date":"2020-04-22T16:51:03","date_gmt":"2020-04-22T21:51:03","guid":{"rendered":"https:\/\/www.mining.com\/?p=1021387"},"modified":"2020-04-22T16:51:03","modified_gmt":"2020-04-22T21:51:03","slug":"silver-price-to-test-19-oz-this-year-report","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1179940","title":{"rendered":"Silver price to test $19\/oz this year \u2014 report"},"content":{"rendered":"<p>Despite the challenges presented by the covid-19 pandemic in forecasting silver market conditions over the rest of the year, extended physical demand could drive the metal&#8217;s price higher in 2020, the Silver Institute suggested in their annual <em><a aria-label=\"World Silver Survey (opens in a new tab)\" href=\"https:\/\/www.silverinstitute.org\/wp-content\/uploads\/2020\/04\/World-Silver-Survey-2020.pdf\"  rel=\"noreferrer noopener\">World Silver Survey<\/a><\/em>.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Last year, global silver demand edged 0.4% higher despite an ongoing global trade war affecting many industries, while silver mine supply declined for the fourth consecutive year, falling by 1.3%. Favorable structural changes such as vehicle electrification and a rebound in the key field of photovoltaics fueled solid industrial demand, the Institute wrote.<\/p>\n<p>Silver investment demand jumped to a 12% increase &#8212; the highest annual growht since 2015 &#8212; as retail and institutional investors focused their attention on the long-term investment appeal of the white metal. Exchange-traded product (ETP) holdings stood at 728.9 Moz at year-end, up by 13%, achieving the largest annual rise&nbsp;since 2010.<\/p>\n<p>Also, money-managers\u2019 net positions in Comex futures went from being short over much of 2018 to consistently positive in the second half of 2019. Coins and medals saw a 13% increase in demand over 2018, rising to 97.9 Moz, while bar demand remained solid at 88.2 Moz, the report showed.<\/p>\n<p>The Institute said these were key drivers for the 15% intra-year rise in silver price to a three-year high of $19.65 last September. The 2019 yearly average silver price was $16.21, about 3% higher than the 2018 average price.<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"alignright is-resized\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/04\/image-27.png\" alt=\"\" class=\"wp-image-1021397\" width=\"383\" height=\"276\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/04\/image-27.png 670w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/04\/image-27-300x216.png 300w\" sizes=\"(max-width: 383px) 100vw, 383px\" \/><\/figure>\n<\/div>\n<p>Although many key areas of silver demand &#8212; including industrial fabrication and jewelry and silverware offtake &#8212; are anticipated to fall solely as a result of the global pandemic, the Institute still expects silver physical investment to extend its gains this year, with a projected 16% rise to a five-year high as investors rotate out of equities in search of safe haven vehicles.<\/p>\n<p>Additionally, mine supply is expected to continue its decline given the temporary shutdown of mining operations in several significant silver mining countries in early 2020.<\/p>\n<p>As a result, silver price will likely rise this year and test the $19\/oz threshold again before year-end, said Metals Focus, the research firm behind the Silver Institute report. <\/p>\n<p>The firm also expects silver to benefit from bargain hunting and outperform gold later this year on the back of its historically low relative value.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Latest report by the Silver Institute says silver price could return to $19 by year-end.<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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