When it comes to silver, Americans are leading the world in hedging their bets in the shiny metal. This year, Americans have purchased one out of every three ounces of physical silver bar and coin compared to the rest of the world. And, that’s not all. If we also consider total Silver ETF demand, the U.S. based SLV ETF has seen its inventories increase by over 200 million oz in 2020.
Thus, Americans have purchased nearly half of all the global physical and ETF silver investment this year. According to the Metals Focus Silver Interim Report for the Silver Institute, the U.S. is projected to see a 62% increase in physical silver bar and coin demand this year over 2019. Based on the 2020 World Silver Survey data, total U.S. physical silver demand was 48.2 million oz (Moz) last year. Simple math puts the total estimate for U.S. silver bar and coin demand at 78 Moz in 2020. With global physical silver investment to be 237 Moz this year, the U.S. accounts for one-third of the total.
Furthermore, the U.S. based iShares SLV ETF, saw its inventories increase more than 200 Moz this year, accounting for two-thirds of the total 300 Moz growth in global silver ETFs.
Now, I don’t know if all that silver is located in the SLV ETF vaults, but it is still an excellent indicator revealing the increasing need for Americans to place more of their wealth into silver. I believe this is only the beginning of a rising trend that will continue over the following years.
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