Total global silver demand increased by 13% in 2013 according to the Silver Institutes latest report. Retail demand for investment grade bars and coins surged 76%, jewellery demand increased by 10% and silverware fabrication rose by 12%.

Industrial demand in Asia increased 3% which was driven by the recovery in the Chinese electronic and ethylene oxide industry. Silver has many industrial applications and is widely used in the automotive, electronic, medical, solar and water purification industries.

Silver mine production rose 3.4% to 819 Moz. Mexico is the world’s largest producer of silver followed by Peru, China, Australia and Russia.

The silver price averaged $23.79 per ounce in 2013 the third highest average on record and silver scrap supply fell 24% to its lowest level since 2001.