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Summary of our market study
The world silver market is estimated at around 200 billion USD. The French market is estimated at between 24 and 25 billion USD.
The strength of the silver market lies in its industrial applications and investment appeal.
Silver's high conductivity makes it an important material for various industrial applications, particularly in the electronics industry. Industrial demand accounts for more than half of total demand.
Demand for silver in France also has a strong physical investment component. Silver is considered a safe-haven asset, like gold, but with the added advantage of being tax-free.
Another component of silver demand is jewelry. France is Europe's second-largest jewelry producer, behind Italy.
Silver recycling is another essential component of the silver market, with France the fourth-largest silver recycler in Europe.
Global silver market players
Mining company: Fresnillo Plc
- Fresnillo Plc is the leader in the silver mining and quarrying sector. Renowned for its extensive operations, Fresnillo is a significant entity whose mining activities have significant implications for the global supply of this precious metal.
Refining: The Heimerle & Meule Group
- In the field of silver processing, the Heimerle & Meule group has established itself as a powerhouse. As part of Cookson Precious Metals, it has mastered the art of transforming raw silver into high-quality products.
Recycling and recovery: Gold by Gold and Aureus
- Thanks to their recycling and recovery processes, these companies provide an essential service to the market.
Investment: Or.fr and BullionVault
The investment dimension of silver is taken care of by companies such as Or.fr and BullionVault. As silver is considered a safe-haven asset, these companies offer services that enable individuals and entities to invest in this metal with confidence and assurance.
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Summary and extracts
1 Market overview
1.1 Definition and scope of study
Silver is a chemical element (atomic number 47, atomic weight 107.87, symbol Ag ) that occurs in nature both in its native state and as a mineral. This lustrous white metal is an excellent conductor of electricity and heat, and is used in combination with other metals for : coinage, the manufacture of many items of laboratory equipment, electrical conductors and as a catalyst; many of its compounds have uses in photography and medicine...
The global silver market was worth $193.3 billion in 2020, and is expected to reach a value of $362.1 billion in 2027, with a growth rate (CAGR) of 9% over the period. Silver accounted for over 84.0% of global precious metals market volume in 2019. For a long time, the silver market has been regarded as a safe-haven asset with little regard for the French, but destined for a brighter future in the near future. In February 2021, for example, silver prices soared to a level not seen since 2013, confirming their upward trend throughout 2020.
This increase in value is due in part to the fact that industrial demand, which is unprecedented and likely to continue to explode in the coming years, is coming up against extraction that is becoming increasingly difficult and costly as the most accessible deposits have already been mined. Silver is therefore forecast to be one of the alternative investment solutions in 2021, which remains fairly reliable and has the advantage of being a non-taxable asset, unlike gold, which has already been subject to confiscation measures. This is mainly because silver is more difficult to mobilize, due to the lower value of silver coins, for example. European production accounts for just 3.5% of world production, which is concentrated in Mexico, Peru and China.
1.2 The global silver market: current situation and main characteristics
Several countries share the world's silver reserves, starting with Peru, which boasts the largest mining potential with ***,*** tonnes of unextracted silver, followed by Australia and Poland.
Countries with the largest silver reserves World, ****, in thousands of tonnes Source: ****
It is noticeable that countries with high mining potential do not exploit their ...
1.3 The French market
According to the Silver Institute, **.*% of French silver demand was for industry in ****. Assuming that this proportion is constant, it is possible to obtain an estimate of the French silver market by first calculating the industrial silver market in France, which corresponds to the product of demand and the average silver ...
1.4 International trade
The United Nations database for international trade includes several codes relating to silver. The most important in terms of total quantities imported and exported by France are shown in the following graph. The chart shows that France has a very substantial trade deficit in silver. Indeed, the country's silver exports are ...
2 Demand analysis
2.1 The main outlets for silver
The Silver Institute's publications provide a breakdown of silver demand by sector, both worldwide and in France. In both cases, most of this demand comes from industry. However, physical investment accounts for a larger share of French demand than of global demand. Jewelry and silver account for a smaller share of ...
2.2 Industrial silver applications
Silver's physical characteristics make it the material of choice for a wide variety of industrial uses. The main areas of application for silver are as follows.
The electronics industry exploits silver's high conductivity (***) As silver is relatively resistant to the chemical activity of bases, mineral acids and alkaline salts, it can ...
2.3 Integrating silver into the manufacture of electronic components
Most silver used in French industry is used in the electrical and electronics sectors, notably in the manufacture of electrical contacts and catalysts. The French electronics sector therefore plays a major role in the use of silver in France. Indeed, the material's ductility (***), conductivity and malleability are characteristics that are particularly ...
3 Market structure
3.1 Production
Today, mining is the principal means of meeting the world's demand for silver. Indeed, according to the following graph, over **% of the world's silver comes from mining production, ahead of recycling, which accounts for over **%.
Sources of world silver supply World, ****, in millions of ounces Source: ****
The following graph shows the ...
3.2 Recycling money
The supply of secondary silver is an important determinant of the silver market. Globally, the recovery of precious metals comes from the resale and remelting of jewelry, the recycling of electrical and electronic equipment, the recovery of dental crowns, and so on.
Although France has not produced silver since the closure ...
3.3 Jewelry production and distribution
Production
As we saw earlier, jewelry accounts for a significant proportion of silver demand in France. In fact, France is Europe's second-largest jewelry producer, having manufactured **.*% of European jewelry in ****, behind Italy.
Jewelry manufacturing in Europe Europe, ****, % (***) Source: ****
However, French jewelry manufacturing is experiencing a slowly declining trend, with a **% drop ...
4 Offer analysis
4.1 Silver price trends
The following graph shows the evolution of the average annual silver price. The price of an ounce of silver depends not only on market supply and demand, but also on economic conditions.the price of silver has risen sharply since the turn of the century, peaking in **** at over $** per ounce, ...
4.2 Jewellery prices
The following chart shows the average price in different categories of so-called precious jewelry over the period January **** - December ****. While ***% gold is by far the most expensive jewelry category, with an average price of *** euros per piece that year, ***% gold jewelry averages *** euros.
Gold-plated and silver jewelry are the most ...
4.3 Selling money online
Numerous websites offer online money buying and selling. These sites offer the following forms of money:
French coins Monnaie de Paris Modern coins coins minted in Australia (***) coins minted in New Zealand minted in Canada Ingots Large volumes of silver (***)
The following table lists the prices of two French silver sales ...
5 Regulations
5.1 Legislation governing silver and precious metals
The mining code was created in ****, taking over from the law of ****. Ordinance ****-** is currently in force. This code requires extractors to hold a mining title, which recognizes the holder's property rights. Several permits are required, from research to extraction, and a special procedure is needed to carry out extraction ...
6 Positioning the players
6.1 Segmentation
- Fresnillo
- Cookson Métaux précieux (Heimerle & Meule Group)
- Gold by Gold
- Aureus
- BullionVault Ltd
- Or.fr
List of charts presented in this market study
- Countries with the largest reserves of silver mines
- World silver production
- Main silver-producing countries
- Global silver demand
- Breakdown of world silver demand
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