Report: Silver prices strong throughout '09-Market Survey-Magazine-IRISPANCY FASHION ACCESSORIES & JEWELRY

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Magazine > Market Survey > News Content

Report: Silver prices strong throughout '09

5/13/2010 7:07:17 PM

New York--A new report from the commodities consulting company the CPM Group reveals that silver prices held strong in 2009 and were pushed higher by investor interest in silver bullion.

Silver prices plunged to $8.79 per ounce in October 2008 as the financial market crisis began to unfold, according to the CPM Group's Silver Yearbook 2010, released May 11 at Bloomberg headquarters in New York City. By the start of 2009, silver prices had begun to recover, settling at $11.49 on Jan. 2, before falling on Jan. 15 to $10.44, which would prove to be the low settlement price for the year. From there, prices rose steadily, reaching a high of $19.33 on Dec. 2 and ending the year at $16.85.

According to the CPM Group, the recovery in silver prices was largely due to strong investment demand of historic proportions.

The Yearbook shows that investors worldwide have been buying large volumes of silver for the past four years on a net basis, but last year, they bought 209.7 million ounces of silver, the third largest amount of annual net silver purchases on record, according to the CPM Group. Looking ahead, the group projects that investor demand will remain high in 2010, totaling 213.9 million ounces.

Fabrication demand for silver declined sharply in the first half of 2009, according to the Yearbook, but stabilized through the rest of the year. Jewelry and silverware, for which demand totaled 242.1 million ounces, represent the greatest category for fabrication demand overall, which totals 608.8 million ounces. The report notes that in many of the world's jewelry-making markets, demand shifted to silver products as a lower cost substitute for gold and platinum jewelry, yet 2009 demand for silver still experienced a decline, albeit a smaller one than gold and platinum.

Total supply, meanwhile, rose a modest 2.4 percent in 2009, due primarily to an increase in secondary supply as consumers sold silver jewelry and decorative objects to take advantage of higher prices and to raise cash.

Mine production of silver was slightly higher for the year. Silver mine output in Peru, the largest producer of silver in the world in 2009, was estimated at 123.9 million ounces, up 4.6 percent from the previous year.

The CPM Group provides consulting and research services to companies, investors, government and other entities that have a financial exposure to commodities. The company has produced annual reports on gold and silver since 1971, and annual reports on the platinum group metals since 1981.

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