1.1 Definition and scope of study
Silver is a chemical element (atomic number 47, atomic weight 107.87, symbol Ag ), metal, widespread in nature both in its native state and as a mineral.The lustrous white metal is an excellent conductor of electricity and heat and is used alloyed with other metals for: coinage, for the manufacture of numerous objects for laboratory equipment, for electrical conductors and also as a catalyst; many of its compounds have uses in photography, medicine, electroplating. The global silver market was worth $193.3 billion in 2020, and is expected to reach a value of $362.1 billion in 2027, with a growth rate CGAR of 9% over the period.
Silver accounted for more than 84.0% of the global precious metals market volume in 2019. Last year, European jewelry production fell a remarkable 18% to a low of 2010. Much of the decline was due to losses by the dominant producer, Italy, whose exports suffered heavily. In fact, Italy is Europe's leading producer of silver jewelry, with a 66% share of production. As for demand, it grew from 8.8 million ounces in 2011 to 9.2 million ounces in 2019. 2020 saw a considerable loss, and a drop in demand to 7.9 million ounces.
Demand for physical retail and institutional investments is expected to remain strong throughout 2021 in an environment of low interest rates and inflation concerns, and those of industrial metals, a post-pandemic recovery is inevitable. silver 2 This should help prices rise compared to last year. Metals Focus' projections see silver peaking at $32 before the end of the year, then culminating in an annual average of $27.30, which will be 33% higher than the 2020 figure. silver 3
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