Experts have announced the emergence of the sharpest shortage of silver in the world market in recent decades.
Publika.az citing foreign media, it is reported that due to the sharp increase in the demand for silver, the most serious silver deficit has occurred in the world market in the last ten years, and this situation will worsen. This was reported by the experts of the Washington-based Silver Institute.
“The silver deficit in the world will reach 194 million ounces, and this is the largest figure in the last ten years. The deficit indicator in 2021 will be 4 times higher this year,” the institute said in a statement.
Recall that in 2021, the demand for silver in the world reached a record of 1.21 billion ounces. According to experts, the demand in 2022 will increase slightly – by 16% compared to 2021 and will set a new record.
The report states that silver is used in many industries of the world economy. “With the exception of photography, the demand for silver is expected to reach its maximum in all areas.”
Retail demand for silver will increase by 18% due to the war in Ukraine, inflation and the economic crisis.
In 2022, silver production in China, Russia and Peru will decrease, instead, production in Mexico and Chile is expected to increase. As a result, silver production in the world will increase by 1%.
Despite the deficit, there was no sharp increase in the price of silver, on the contrary, prices fell. According to the results of 2022, experts expect a decrease of 16% in annual terms to $21 per ounce.
(Fed.az)
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