“Physical investment in 2022 is on track to jump by 18% to 329 million ounces, which would also be a new record. Support has come from investor fears of high inflation, the Russia-Ukraine war, recessionary concerns, mistrust in government, and buying on price dips. The rise was boosted further by a (near-doubling) of Indian demand, a recovery from a slump last year, with investors often taking advantage of lower rupee prices.”
USAGOLD note: TSI also reports a record deficit between supply and demand – 194 million ounces.
Silver surplus or deficit
(Millions of troy ounces)
Chart by USAGOLD [All rights reserved] • • • Data source: The Silver Institute