Gold News

Flat Supply & Strong Demand "Will Buoy" Silver Price

WITH the price of silver achieving its fifth consecutive quarter-on-quarter gain as June ends, flat supply and strong demand "should continue to buoy Silver Prices this year," says a new report published for silver industry advocate the Silver Institute.

Independently researched and compiled by London's GFMS consultancy, the World Silver Survey 2010 points to "solid growth in fabrication" of silver-based products worldwide.

Silver Prices recorded their second-highest ever annual average in 2009 at $14.67 an ounce, since pushing to an average $17.61 so far in 2010.

The highest annual price came in 1980, when the Silver Price spiked at $50 an ounce in January and then averaged almost $21 across the year.

The Silver Institute's latest Silver News newsletter meanwhile reports several new and fast-growing uses for silver, including anti-bacterial covers for airplane seat trays, reflective coating for windows on a Singapore hotel, and embedded silver ions in hospital scrubs – a $1 billion per year industry – to help inhibit bacteria.

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