View the World Silver Survey 2009

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Over the past eight years, the price of silver has increased from less than US$4.30 per ounce to its current level of around $12.50 (April 09). In five years, silver prices have increased more than 120%.

Industrial demand for silver is expected to continue dropping in 2009. Investment demand should remain strong.

The long term outlook for industrial uses of silver is bullish. Silver is used extensively in technology, including cell phones and flat screen televisions, and new uses are being discovered at an increasing pace.

On the investment side, new vehicles such as the U.S. bullion purchase program and silver-specific Exchange Traded Funds are proving increasingly attractive to investors.

Silver's five-year price climb has been sustained by:

1. industrial demand (especially in technology and electronics)
2. continuing movement into silver as an investment vehicle
3. virtual disappearance of above-ground silver stocks
4. all-time low levels of LME and COMEX silver holdings
5. much higher demand from China
6. lower levels of scrap silver, especially from photography as a result of the continuing shift into digital technology.