WORLD SILVER SURVEY 2020 世界白银年鉴2020
1. Summary
Introduction 7 Silver Supply in 2019 9 Silver Demand in 2019 9
2. Market and Price Outlook
Introduction 12 Supply Outlook 14 Demand Outlook 15
The Longer Term Outlook for Silver 16
3. Investment
Introduction 17 Outlook 18 Institutional Investor Activity 19 Physical Investment 21
Focus Box: Above-Ground Silver Stocks 24
4. Mine Supply
Mine Production 25 Primary Silver Production Costs 32 Reserves & Resources 34
Corporate Activity 35 Producer Hedging 35 Silver Streaming 36
Focus Box: Disruption to Silver Mine Supply in 2019 and 2020 31
5. Recycling
Introduction 37 Industrial 37 Jewelry 37 Silverware 38 Photography 38
6. Bullion Trade
Introduction 40 Europe 40 North America 41 Middle East 41
South Asia 41 East Asia 42
7. Industrial & Photography
Industrial Demand 43 Photographic Demand 52
Focus Box: Silver Demand in Photovoltaics 45
Focus Box: Silver’s Pivotal Role in Green Energy 48
Focus Box: Technological Progress & Future Silver Demand 51
8. Jewelry & Silverware
Jewelry 53 Silverware 58
9. Appendices 60
