Investors remain reluctant buyers with silver struggling to hold up at four-year lows below $19/oz. Mine supply has already been impacted by silver's price weakness to date, with main-product mines being closed and the enthusiasm for project development waning significantly.

Executive summary 1

Chapter 1 - Silver 7

1. Summary 7

2. Fabrication demand 8

      2.1 Summary 8

      2.2 Jewellery and silverware 9

      2.3 Photography 9

      2.4 Electrical and electronics 14

      2.5 Other fabrication 15

3. Supply from recycled scrap 16

      3.1 Summary 16

      3.2 Photography 18

      3.3 Electrical and electronics 18

      3.4 Other 20

4. Recent and potential mine production 21

      4.1 Summary 21

      4.2 Recent developments 22

      4.3 Mine production costs 29

      4.4 Ex-China production potential 31

5. Forecast prices and market balance 52

      5.1 Investor demand 52

      5.2 Assumed price developments 54

      5.3 Forecast mine production 56

      5.4 Supply-demand balance and stock changes 58

Chapter 2 - Gold 61

Chapter 3 - Platinum 89

Chapter 4-Palladium 111

Appendix A - Industrial and economic outlook 125

冶金工业信息标准研究院