The Outlook for Silver, 2011

The factors fueling silver and gold prices are structural rather than cyclical, and they are unlikely to be resolved soon. The fiscal health of many advanced countries remains questionable over the next several years; however, recent strength in the U.S. dollar has kept a lid on gold and silver prices, and silver’s industrial component remains dependent on global economic recovery...

Figure 1: Silver Spot Prices and London Bullion Transfers, November 2004-November 2011

Figure 2: Silver/Gold Price Ratio, November 2006-November 2011

Figure 3: iShares Silver Trust (SLV ) Holdings, January 2008-November 2011

Figure 4: Silver Supply by Source, 2000-11

Figure 5: Potential New Silver Mine Production Capacity and Reserves by Location, 2011-12

Figure 6: Silver Fabrication Demand by End Use, 2000-11

Table 1: World Mined Silver Production, 2004-11

Table 2: New Silver Mine and Expansion Startups, 2011

Table 3: Large Planned Silver Mines and Expansions, 2011-12

Table 4: World Silver Fabrication Demand by End Use, 2004-11

Sample Metals Outlook report