With a 74% gain over 2010, silver outperformed all other precious metals last year in terms of average annual price increases boosted largely by investment demand
Author: Dorothy Kosich
Posted: Thursday , 05 Jan 2012
RENO – The average annual silver price of $35.12 per ounce last year, set a new price record, a 74% gain over the 2010 average annual price of $20.19 per ounce.
The Silver Institute observed Wednesday silver’s average annual price has increased an astounding 703% since 2001.
Silver outperformed all other precious metals in terms of average annual price increases. Palladium recorded a 39% gain last year, while gold was 28% higher and platinum rose 7% over 2010 data, the Silver Institute reported.
In a report released by the institute last November Thompson Reuters GFMS forecast that world silver investment would reach $10 billion last year, easily surpassing the previous record of $6 billion in silver investment set in 2010.
“Silver’s strong price performance last year owed much to the strength in investment demand, as well as growth in industrial demand, much of which is relatively price insensitive in the short term,” said Michael DiRienzo, executive director of the Silver Institute.