The Silver Institute just released a news update in which they quote their own Executive Director, Mr. Michael DiRienzo, speaking at the annual Prospectors & Developers Association of Canada convention in Toronto. The Silver Institute serves as the industry’s voice in increasing public understanding of the many uses and values of silver.
Industry’s widening use of the precious metal is expected to average more than 483 million ounces (Moz.) from 2012 to 2014, a level 53 percent greater than the average annual industrial fabrication demand of 313.4 Moz from 1992-2001.
Although largely unknown as a fact, silver is being used in a very wide range of industrial and consumer products. Moreover, the number of usages is increasing.
“Silver helps make today’s interconnected lifestyle possible and is a vital component of virtually every automobile, cell and smartphone, computer and laptop, appliance and electronic device we use. Further, silver’s antibacterial properties are finding new uses in textiles, medical instruments and hospital equipment, providing an effective tool in combatting infection and bacteria,” according to Mr. DiRienzo.
Not only is the industrial usage of silver increasing, but also more and more investors have found their way to the precious metal. For obvious reasons which we discuss extensively on Gold Silver Worlds, in a unbiased way, silver bullion provides the safety that people need in a world dominated by currency wars, unresponsible acts by central banks and governments and unseen counterparty risk.
Some figures related to silver investment demand:
A record sale of 7.5 million American Eagle Silver Bullion Coins by the U.S. Mint in January and 10.9 million American Eagle Silver Bullion Coins in January and February combined (43% higher than the first two months of 2012).
Silver ETFs holdings on March 8 were 653.7 Moz, that is 22 Moz more compared to year-end 2012. - goldsilverworlds.
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