This was announced by the Institute of Silver. The cumulative growth indicator will be, according to estimates, 16% compared to 2021. Demand volume will be a record 1.21 billion ounces. At the same time, 329 million ounces of physical silver investment products are expected to be purchased over the year. This is 18% higher than last year.
A large share of the increase will occur in the United States (about 120 million ounces), India (about 70 million ounces), Germany (50 million ounces) and other countries (about 110 million ounces). This increase in the indicator is explained by the fact that investors fear a high level of inflation, the onset of recession, geopolitical instability, and also showed distrust of the authorities, while choosing the moment for purchases when prices for the gray metal fell.
Note that in India, the indicator almost doubled, as demand fell strongly last year, but investors took advantage of the decline in the silver rate in rupees this year.