Silver Price Trend

Silver Prices (Q1 2022)

Asia

In early trade on February 14, 2022, the average price of silver was 4882.67 RMB/kg, a daily fall of 2.53%. The price trend of precious metals had a solid long-term convergence, and the trend was essentially the same. During the first quarter of 2022, silver prices soared. Stocks and bonds in the United States sank dramatically overnight as inflation statistics in the United States again exceeded expectations. Inflation data boosted investors' hedging and hedging sentiment. The price of precious metal silver increased as a defensive asset to safeguard against excessive inflation. The actual negative interest rate in Q1 2022 was beneficial to precious metals. The market was anticipating the announcement of an interest rate rise.

South America

In Q1 of 2022, gold and silver prices stayed constant or dropped, with interest rates and global monetary policy influencing patterns. However, additional losses and new highs are predicted in precious metals in the coming years. Mining firms in Latin America were benefiting from recent increases in gold and silver prices, which had raised cash flows and treasuries, allowing them to invest in asset optimization and, in some cases, move forward with development projects. Silver prices were recorded at 40 USD/oz during Q1 of 2022.

Silver Prices (Q4 2021)

Asia

In India, growing industrial usage of silver following the pandemic provided people with windfall investment gains in Q-4 of 2021. Investors accessed the white metal's potential after the financial market regulator launched a Silver Exchange Traded Trust, as prices outperformed gold by as high as 6.41%. The metal is gaining popularity among investors. It is currently both an investment and a commodity for industrial use. Its application is projected to increase in the future as the global economy recovers.

Europe

Prices of precious metals fell in the second period of 2021, owing to weakening market mood and weak physical demand. Prices fell due to dwindling commercial demand.  Since mid-November, its prices had experienced a significant retracement. Industrial demand for silver had dwindled, putting downward pressure on prices. The metal’s near-term prospects are largely dependent on the sustainability of the world economy, which has been harmed by a recurrence of COVID infections, notably in Europe.

North America

Spot prices resumed their upward trend throughout the Christmas period, climbing 5% in two weeks to reach 23.29 USD/oz, up 4% on 13 January 2022, but they have since retreated somewhat to 23.11 USD/oz. Silver is currently about 22% below its eight-year peak of 29.585 USD/oz reached in February 2021. Expectations of a price rally have been developing in reaction to rising inflation and socioeconomic uncertainty, as central banks, particularly the US Federal Reserve, signaled they would ease fiscal stimulus and begin raising interest rates in the new year.

Silver Prices (Q1-Q3 2021)

Asia

In India, prices were about 5% higher in August 2021, than they were when they opened at 68,254 INR/kg in January 2021. The price also outperformed gold's in the due course. This was due to silver's dual nature. It is classified as a precious metal as well as an industrial metal. Apart from this, the metal's demand-supply imbalance was exacerbated by dwindling mine supply. Its diminishing mine supply aided the price increase. Apart from that, the base metals complex also saw a broad-based rise, with prices surging to multi-year highs. The price increased by 888 INR/kg, to 62,452 INR/kg in July 2021. In China, investors jumped into silver investments, boosting Shanghai prices while also enhancing the performance of connected equities and funds. Prices in China increased to their highest level since September 2020. Shanghai Futures Exchange prices closed 9.27% higher, at 5,939 RMB/kg.

Europe

Silver had numerous setbacks since the outbreak began. Prices increased by more than 47% in comparison to FY 2020, and settled at 29.418 USD/oz on February 1, with a Reddit-induced surge pushing the metal's value to its highest level since February 2013. Prices subsequently had a wild decline, eventually closing at 21.485 USD/oz on September 29, the lowest level since July 2020. The price trend began a precipitous decline in June 2021.

North America

Demand increased significantly in May 2021 when compared to the previous 12 months. The metal was trading at over 27 USD/oz, up 74% from a year earlier when it was trading at roughly 15.5 USD/oz. However, demand for the semi-precious metal was greater than supply in 2021. Its application in industry was a significant factor in its increase in value. Additionally, green technologies increased demand for industrial metals like silver, which is utilised in the manufacture of solar panels. It also benefited from the world economy's reopening during the coronavirus pandemic, as industrial production increased, and investment demand remained stable. Conversely, in September 2021, the price value fell to its lowest level in more than a year as the US currency strengthened. Spot silver plunged 4.3% in a single day to 21.50 USD/oz, while December 2021 prices fell by the same proportion.

Latin America

In 2021, prices remained essentially constant or decreased, with trends dictated by bond yields and global monetary strategy. Mining businesses throughout Latin America reaped the benefits of the increase in gold and silver prices, which boosted cash flows and treasuries and enabled them to engage in asset optimization and, in some cases, development projects. Silver followed the aforementioned track, rising to roughly 27 USD/oz in mid-2020 and then declining to around 25 USD/oz in 2021.

Silver Prices Overview 2020

Asia

Silver futures in August 2020, India, closed over 2% or 754 points lower at 35,453 INR/kg. The trend was widespread. The coronavirus outbreak shut down major production hubs worldwide, most notably in China, the world's factory and the virus's origin. In February, China's factory activity fell to its lowest level in history. According to official figures issued by the Chinese administration, industrial output in the country fell 13.5% year on year in January-February, compared to a 6.9% growth in December. Prices increased in China during the fourth quarter as the government sought to decarbonize the entire economy. Increased demand for climate-friendly items such as electric vehicles and solar panels reportedly boosted its value as well.

Europe

When the Covid crisis struck in February 2020, silver compressed a half-worth decade's of market activity into only five months. Prices fell 40% to the lowest level since 2009, hovering about 12 USD/oz in March 2020. On the other hand, the price soared to eight-year highs following that, just short of $30 in February 2021. However, the increase slipped away as quickly as it had arrived, leaving the market stagnant for five weeks as much of the speculative buying was immediately reversed.

North America

The price had risen 34% in July alone, exceeding the performance of each and every leading international financial asset. July was one of the strongest months on record for the metal, with the largest monthly gain since 1979. However, in August 2020, the metal maintained its year-to-date price performance. From 11.64 USD/oz on March 18, 2020, the price soared more than 140% in August, reaching a level not seen since 2013. The price increase was spurred by its intrinsic safe-haven status, inflation fears, extraordinarily low interest rates, and continuous central bank liquidity injections. The increase in price indicated increasing interest in silver as an investment vehicle by both retail and institutional investors.

Latin America

Regionally, Central and South America saw a 13% drop in its price. Nonetheless, Mexico regained its position as the world's biggest silver producer. Mexico's potential was enhanced by a bull market and rising demand. Mexico produced roughly 178 million ounces of the metal in 2020, while Peru produced 110 million ounces. The LBMA reported that the average yearly price jumped from 16.19 USD/oz in 2019 to 20.52 USD/oz the year before, a 27% year-over-year gain. Following the mining industry's fall in mineral demand in 2020 as a result of COVID-19, a slump in the prices increased pressure on Latin America's mining corporations, as enterprises battled to respond to market volatility caused by the coronavirus and government steps to slow its spread.

Procurement Resource Database

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Procurement Resource provides latest prices of Silver. Each price database is tied to a user-friendly graphing tool dating back to 2014, which provides a range of functionalities: configuration of price series over user defined time period; comparison of product movements across countries; customisation of price currencies and unit; extraction of price data as excel files to be used offline.

Chart Description

Procurement Resource provides prices of Silver for several regions around the globe, which are as follows:

  • North America
  • South America
  • Europe
  • Asia Pacific
  • Middle East
  • Africa

About Silver

Silver is a naturally occurring element. In appearance, Silver is a white and lustrous metal. It is used as jewellery, silverware, electronic equipment, and dental fillings. It is also utilised to make photographs, in brazing alloys and solders. Silver is known to have the highest electrical conductivity, thermal conductivity, and reflectivity than any metal.

Chemical Formula:

  • Ag

Synonyms:

  • 7440-22-4
  • Argentum
  • Silver metal
  • Silver atom

Molecular Weight

  • 107.868 g/mol

Industrial Uses

  • Brazing alloys
  • Batteries
  • Dentistry
  • Glass Coatings
  • LED Chips
  • Medicine
  • Nuclear reactors
  • Photography
  • Photovoltaic (Or Solar) energy
  • RFID Chips (for tracking)
  • Semiconductors
  • Ornaments
  • Touch screens
  • Water purification

Production Process

  • Production of Silver via Smelting.

Silver can be derived or extracted by using smelting or chemical leaching process, where heat and chemical reducing agents are utilised to get the base metal from the ore. Thus, smelting process leaves Silver behind from its ore. However, Silver can also be produced during the electrolytic refining of copper through Parkes process.
        
Supplier Database

  • Umicore N.V 
  • American Elements
  • MMC Norilsk Nickel PJSC
  • Hindustan Zinc Limited 
  • Korea Zinc Co., Ltd.
  • Yunnan Tin Group Company Limited (YTC)
  • Polymetal International plc  
  • Pan American Silver Corporation

Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.

Methodology

The displayed pricing data is derived through weighted average purchase price, including contract and spot transactions at the specified locations unless otherwise stated. The information provided comes from the compilation and processing of commercial data officially reported for each nation (i.e. government agencies, external trade bodies, and industry publications).

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