Hold silver or witness tumbling silver price!
Global physical demand is a third consecutive decline Silver market to remain physical Surplus larger than the last year! At the Annual Silver Industry Dinner hosted by the Silver Institute, Johann Wiebe, Lead Analyst in the GFMS team at Refinitiv presented the GFMS / Silver Institute Interim Silver Market Review, which includes provisional supply and demand forecasts for 2018. According to its’ highlights, the silver market is expected to experience a physical surplus of 35.3 Moz which is substantially higher than the previous year. Net holdings of ETPs have contracted 0.5 Moz to-dates, following seven annual increases in the last decade. On the other hand, exchange inventories have increased for the third consecutive year in 2018, particularly on COMEX which represents approximately 76% of total, rising by 52.5 Moz. As such, the net balance is expected to post a shortfall of 16.7 Moz. The silver price has averaged $15.89/oz so far this year (as o