How is Silver Used?
As per the World Silver Survey 2014, total physical demand for silver increased by 13% in 2013 to 1081 million ounces. Most of this demand is due to a 76% increase in investment demand of silver coins and bars. However, industrial applications remain the biggest demand generator for silver (54% of total physical demand), followed by investment needs and lastly, jewelry. China recorded a huge increase in silver demand and Asia overall reached a new high for silver demand.
India is one of the biggest consumers of silver, importing nearly 130 million ounces of silver in the first half of 2013 alone. It is believed that nearly 44% of the world’s silver will go into India this year.