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Demand for silver hit a record-high last year with the jewellery, coin and bar, and photovoltaic sectors, helping to boost the precious metal’s sales to 1.17 billion ounces.
Overall, however, the market registered its third consecutive annual deficit, which was 60% larger than 2014, shows the latest World Silver Survey published Thursday by GFMS in collaboration with the Silver Institute.
According to the report, the shortage was led by the continued weakness in scrap sales and a sharp increase in physical demand.
Source: 22nd World Silver Survey.
Globally, jewellery making increased for the third consecutive year to a fresh high at 226.5 Moz.
The increase was largely achieved on the back of a 16% rise from both India and Thailand, while North America posted a 5% annual increase.
The gains were partially offset by a sizable contraction in Chinese jewellery offtake. Total silverware fabrication enjoyed its third successive annual rise to an estimated 62.9 Moz, a ten-year high.
Source: 22nd World Silver Survey.
The largest component of physical silver demand, industrial applications, which accounted for 50% of total physical silver demand last year, fell 4% to almost 589 Moz.
On a regional basis, modest increases in industrial demand were posted in the US and Japan, the second and third largest sources of industrial demand, respectively.
Silver prices closed April with a gain of 15.2%. That was the metal's largest monthly increase since August 2013.
Electrical and electronics use declined by 10% last year to 246.7 Moz, due to slower economic growth in developing countries and the continued weakness in computer sales.
There were several highlights within the industrial segment. Silver demand for photovoltaic applications climbed 23% in 2015 to 77.6 Moz, marking the second consecutive year of growth in this sector on the back of strong growth in Chinese solar panel installations.
Supply and prices
On the supply side, the research found that silver mine production growth slowed to 2% last year, reaching a record 886.7 million ounces. "The overall slowdown in mine production last year is expected to continue," the report said.
An extremely challenging year for nearly all commodities, along with a continued slowdown in Chinese economic growth and a stronger U.S. dollar, led to a lower average annual silver price of US$15.68/oz in 2015.
Source: 22nd World Silver Survey.
The analysts, however, said the lower price environment helped boosting physical demand, particularly as long-term investors viewed lower prices as key entry points in expectation of future price appreciation.
GFMS experts are not alone in predicting a rosy outlook for the silver price. Last week, analysts with Bank of America Merrill Lynch said silver's fundamentals look the strongest in years thanks to declining mine output and rising industrial demand.
Silver prices climbed 5.4% last week, closing April with a gain of 15.2%. That was silver's largest monthly gain since August 2013.
Only around 30% of global output is from primary silver mines, less than the contribution of by-product production at zinc and lead mines where a number of mine closures are in the offing. The bulk of silver usage is also in industrial applications including alloys, electronics, photovoltaic and for the production of ethylene oxide.
As fear around the globe increases and more investors begin to worry about the insane policies of central banks, two billionaires just issued dire warnings.
Two billionaires, Stanley Druckenmiller (above) and Carl Icahn, just issued dire warnings.
Gerald Celente: “Stanley Druckenmiller was speaking this week at a major investment conference in New York. They wanted him to be specific about recommendations and he said, ‘The conference wants a specific recommendation from me? Get out of the stock market isn’t clear enough?…
Gerald Celente continues: “It’s also important to note that Druckenmiller said that ‘Gold remains our largest currency allocation.’ Druckenmiller then went on to warn that the corporations have relied on cheap money from the Federal Reserve by engineering over $2 trillion in acquisitions and stock buybacks in the last year. He said this is finally showing up on the books of companies, ‘as operating growth in U.S. companies has gone negative year-over-year, while net debt has gone up.’
Reminiscent Of The 2008 Global Collapse Druckenmiller also warned that this moment reminds him of the 2008 financial crisis. He then added that ‘The bull market is exhausting itself and the Federal Reserve is to blame by keeping interest rates so low. And it’s raising the odds of an economic tail risk that they are trying to avoid. It’s a sugar high.’
Carl Icahn Warns A Day Or Reckoning Is Coming Druckenmiller’s comments followed on the heels of last week when we heard from another billionaire investor, Carl Icahn, who said, ‘I do believe in general that there will be a day of reckoning.’ But he’s calling for more fiscal stimulus. So monetary stimulus didn’t work, and now that’s the word on the street — more stimulus to save the sinking ship, whether it’s quantitative or fiscal.
More Billionaires Converting Their Fiat Money Into Gold But what’s most important as I see it is the fact that more and more high-profile and high-powered investors are converting their fiat money into gold. And gold prices are proving them right, with gold prices up more than 20 percent since the start of the year. There is major concern worldwide that the central bank policies have run out of gas, they have created a larger bubble than ever before, and now we are hearing it from the billionaire investor class saying what myself and others have been warning about for years on King World News.”
Well that escalated quickly.. After 3 VIX-smash saves this week, the selling pressure won (for now) as a dead-cat-bounce after the dismal jobs data has sent S&P 500 back into the red for 2016 (joining Nasdaq and Small Caps) with Dow and Trannies getting close...
The bounce is dead...
After 3 VIX-smashing saves...
But Bonds & Bullion lead the way since The Fed's rate hike...
The current economic system is designed to fail, but so was socialism. That’s according to former GOP Congressman Ron Paul, who told RT’s Boom Bust show that we need to go toward a system of property ownership, voluntary contracts and individual liberty, while getting rid of central banks.
A new Harvard University poll shows that 51 per cent of young adults aged 18-29 oppose capitalism in its current form.
RT: Do you think this poll is just politics, or do you agree that there is something wrong with the US economic system as it operates today?
Ron Paul: I think the problem is all in semantics. When they say they oppose today’s capitalism, I oppose today’s so-called capitalism. I don’t even like the world “capitalism,” I like “free markets.” But if you say “free markets” and “capitalism”together, we don’t have that. We have interventionism. We have a planned economy, we have a welfare state, we have inflationism, we have central economic planning by a central bank, we have a belief in deficit financing. It is so far removed from free-market capitalism that it’s foolish for people to label it free market and capitalize on this and say: “We know it’s so bad. What we need is socialism.” That is a problem.
That is a problem in definitions and understanding of what kind of policies we have. I am a champion of free markets, but not of the current system that we have today. I am highly critical of it, because it is designed to fail. It is designed to reward the rich; it is designed inevitably to destroy the middle class, and also to finance some of the worst things in government: all the deficits with the welfare state and for the warfare state. So yes, it’s failing. People should reject what we have, but they shouldn’t reject liberty and freedom and sound economic policies, because that is not the problem. The problem is we don’t have enough free markets.
RT:In the same poll it is said that Senator Bernie Sanders, a self-described democratic socialist, has been the most popular candidate for America’s 18-29 year olds. Despite the fact that he is now losing steam, as we’ve seen on the campaign trail, what does it really say to you about what’s driving this voting pattern?
RP: He’s tapped into something, something that I’ve talked about for years and tapped into when I was a candidate. And that is to describe the frustrations, the evil, and the nonsense of what we have. The problem with Bernie and myself is that he sees it quite differently. He thinks that it’s too much freedom and too much capitalism. And I see it as too much government; it’s too much of interventionist planned economy, which leans itself to fascism. But the young people might not understand the economics and what free markets are really all about, and they don’t understand central banking. And Bernie doesn’t understand that we have to get rid of central planning – from the Central Bank – if we want to help these people.
The current economic system is designed to fail, but so was socialism. What we need to go toward is property ownership, voluntary contracts and individual liberty in getting rid of the central bank.
But yes, I am not a bit surprised – it is a good sign that they are upset and they ought to be. What I have in mind is to show them the difference between what we have and what we should have. And believe me, it is not going toward this ancient tradition of government and socialism. We’ve tested socialism. Socialism has been a complete failure. That is what the 20th century was all about, whether it was a fascist system in Germany, or the Soviet system of communism – this all has been a failure. So you don’t want to go toward socialism, you have to go toward property ownership, volunteer contracts and individual liberty in getting rid of the central bank. Then you might talk about a real alternative. But the young people have a justification; they are justified in detesting what we have, because it has served the rich and has really hurt the poor and the middle class.
RT:Some would argue that the data does signal a generational shift is under way here, in which more young people are receptive to bigger government, rather than smaller government right now. And the issues that young people care at this moment are low wages, jobs, student debt, income inequality, etc. You would probably argue that libertarianism can still best tackle those problems. How so?
RP: I don’t think the young people would. They might be sucked into believing that the government can give them a temporary benefit by raising a wage, but they just need a better understanding. But they are not for the big government when it comes to their personal liberties, their sexual habits, the civil liberties that they like. They like their privacy. So I don’t think they are looking for bigger government. The young people that I talked to – they are not looking for a bigger government and more militarism; they are not championing the person that wants to spend a lot more money on military and rebuild the military – that’s all big government.
But yes, they are tempted because of this lack of understanding to go along with bigger government, when it comes to trying to have a better economic system. This is a result of a hundred years of teaching our young people that government is necessary to redistribute wealth. And they do – they redistribute wealth – the more they try, the more the wealthy get wealthier. It redistributes it upward, and it ruins the middle class. That is what they have to understand. But they’re onto something and they should be justified in looking at this. But, as a group of people, the millennials are not looking for more government. Only in that economic sphere are they tempted to look at this. There are many others who declare themselves libertarians. They want less government in their lives and they want more privacy and they want [fewer] wars.
RT:When you ran for president four years ago, you had a message that resonated with young people. Your comments that fixing the economy should start with fixing foreign policy were very popular. Do those voters still exist and where did they go?
RP: I think a lot of them are sitting on their hands and rightfully so. How could they pick somebody that would champion those same views? But some who are just loosely connected, not well-informed and get led into believing that we have to have a super military force to rule the world, and police the world, and be occupying these countries - yes, they get tempted to go along with this. But the true believer in a free society – they are not champing at the bit to champion the cause of any of these candidates right now…
RT:Some of those voters might have gone over to Donald Trump. He is the frontrunner on the GOP side. The economy is still the most important issue for voters, and he has been most vocal about amending NAFTA, reducing taxes, building a wall between the US and Mexico, and so on. What is it really do you think at the end of the day? What is so appealing here to his voters?
RP: He has a personality, he has a megaphone, and he is getting the attention, and you don’t have anybody in particular out there talking about the real economic issues. But he is regressive… he is falling backward. He is going to the dark ages of thinking that he can go into mercantilism, protect natural resources, put on tariffs, and just bash and blame everybody else: The Mexicans, the Chinese. That is going to be devastating to the economy – it has nothing to do with freedom. It has to do with the opposite – it is an exaggeration of economic planning that we already have. So he is going in the wrong direction, just as Bernie is, even if they are both tapping into the disenchantment that… a lot of people have with what is happening.
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of RT.
(Kitco News) - Emerging market economies need to shy away from the U.S. dollar and U.S. treasuries, and instead invest more in gold, this according to one Harvard professor.
Tuesday, in a commentary for Project Syndicate, Kenneth Rogoff, professor of Economics at the Ivy League university and former chief economist at the International Monetary Fund, recommended that emerging economies boost their gold reserves to about 10%, which would still keep them below some developed country’s gold reserves.
“Emerging markets have remained buyers of gold, but at a snail’s pace compared to their voracious appetite for U.S. Treasury bonds and other rich-country debt. As of March 2016, China held just over 2% of its reserves in gold, and the share for India was 5%. Russia is really the only major emerging market to increase its gold purchases significantly, in no small part due to Western sanctions, with holdings now amounting to almost 15% of reserves,” he said in the article.
Rogoff argued that emerging markets would get more from their gold investments than they would from government bonds from developed nations like the U.S., Germany or Japan. He explained that competition for developed country government debt is helping to keep bond yields low.
Many analysts have noted that strong demand for government bonds have pushed yields into negative territory. In March, the World Gold Council estimated that $8 trillion of high-quality sovereign debt have negative yields.
Rogoff said that gold is a better investment for emerging markets because there is no limit on its price.
“Moreover, there is a case to be made that gold is an extremely low-risk asset with average real returns comparable to very short-term debt. And, because gold is a highly liquid asset – a key criterion for a reserve asset – central banks can afford to look past its short-term volatility to longer-run average returns,” he explained.
Rogoff's commentary comes as gold prices are flirting around $1,300 an ounce, its highest level since January, 2015. Since the start of the year gold has gained more than 21% as one of the best peforming assets for the year.
Two billionaires, Stanley Druckenmiller (above) and Carl Icahn, just issued dire warnings.
Reminiscent Of The 2008 Global Collapse
Carl Icahn Warns A Day Or Reckoning Is Coming
More Billionaires Converting Their Fiat Money Into Gold
“Emerging markets have remained buyers of gold, but at a snail’s pace compared to their voracious appetite for U.S. Treasury bonds and other rich-country debt. As of March 2016, China held just over 2% of its reserves in gold, and the share for India was 5%. Russia is really the only major emerging market to increase its gold purchases significantly, in no small part due to Western sanctions, with holdings now amounting to almost 15% of reserves,” he said in the article.
