World Silver Supply and Demand

(in millions of ounces)
	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011
Supply
Mine Production	594.5	597.2	613.6	636.6	641.1	665.9	683.6	716.1	751.4	761.6
Net Government Sales	59.2	88.7	61.9	65.9	78.5	42.5	30.5	15.6	44.2	11.5
Old Silver Scrap	197.3	196.0	197.4	201.6	206.0	203.0	200.9	200.0	228.7	256.7
Producer Hedging	–	–	9.6	27.6	–	–	–	–	50.4	10.7
Implied Net Disinvestment	17.4	–	–	–	–	–	–	–	–	–
Total Supply	868.3	881.9	882.4	931.7	925.6	911.4	915.0	931.7	1,074.7	1,040.6
Demand
Fabrication
Industrial Applications	355.3	368.4	387.4	431.8	454.2	491.1	492.7	405.1	500.0	486.5
Photography	204.3	192.9	178.8	160.3	142.2	117.6	101.3	79.3	72.1	66.1
Jewelry	168.9	179.2	174.8	173.8	166.3	163.5	158.7	159.8	167.4	159.8
Silverware	83.5	83.9	67.2	67.6	61.2	58.6	57.4	59.1	51.2	46.0
Coins & Medals	31.6	35.7	42.4	40.0	39.8	39.7	65.3	78.8	99.4	118.2
Total Fabrication	843.5	860.1	850.6	873.6	863.7	870.5	875.3	782.0	890.1	876.6
Producer De-Hedging	24.8	20.9	–	–	6.8	24.2	8.5	17.4	–	–
Implied Net Investment	–	0.9	31.8	58.1	55.1	16.6	31.2	132.2	184.6	164.0
Total Demand	868.3	881.9	882.4	931.7	925.6	911.4	915.0	931.7	1,074.7	1,040.6
Silver Price (London US$/oz)	4.599	4.879	6.658	7.312	11.549	13.384	14.989	14.674	20.193	35.119