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1. Summary and Outlook 8
Supply in 2017 10 • Demand in 2017 10
2. Silver Prices 12
• Chinese Silver Premia 14 • Silver in Other Currencies 15 • Gold: Silver Ratio 15
3. Investment 17
• Overview 17 • OTC Market 18 • Exchange Traded Products 19 • Physical Bar Investment 22
• Commodity Exchanges Activity 23 • Coins and Medals 24
4. Mine Supply 26
• Mine Production 26 • By-product Analysis & Outlook 34 • Production Costs 35
• Producer Hedging 36
5. Supply from Above-Ground Stocks 37
• Overview 37 • Identifiable Bullion Stocks 38 • Custodian Vault Stocks 39
• Futures Exchanges 39 • Government Stocks 41 • Industry 41 • Scrap 42
6. Silver Bullion Trade 45
• Europe 45 • The Americas 47 • Middle East and Indian Sub-Continent 48
• East Asia 49
7. Industrial Fabrication 51
• Industrial Fabrication by Region 53 • Photography 62 • Photovoltaic 64
8. Jewelry and Silverware 67
• Jewelry 67 • Silverware 75
9. Appendices 78 |
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