Silver Demand for Industrial Applications Continues to Grow

Total silver industrial demand is forecast to grow 27%, adding an additional 142 million oz of silver demand through 2018 compared with 2013 levels, according to a new report issued recently by the Silver Institute. Half of this growth will be accounted for by the electrical and electronics sector, but additional demand will be due to growth in other industrial applications, as highlighted in the report entitled, Glistening Particles of Industrial Silver.

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Copper Market Moves Into Deficit

The International Copper Study Group (ICSG) released preliminary data for August 2014 world copper supply and demand in its November 2014 Copper Bulletin. According to preliminary ICSG data, the refined copper market balance for the first eight months of 2014 indicated a production deficit of 544,000 metric tons (mt). This compares with a production surplus of 42,000 mt in the same period of 2013.

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Exploration Spending Drops 25%

MarketsCompiling data for its 25th edition of the Corporate Exploration Strategies (CES) study, SNL Mining & Metals estimated worldwide total budget for nonferrous metals exploration dropped to $11.36 billion in 2014 from $15.19 billion in 2013—a 25% decrease.

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Prices for Metals Decrease Across the Board During September

Image titleBy Steve Fiscor, Editor-in-Chief

Market fundamentals are working against miners. Investor confidence, especially with the U.S. equities market, and an improving sentiment toward the U.S. economy are driving precious metal prices lower. According to the E&MJ Price Index (below), gold closed at $1,214.30/oz on October 2–its lowest level for the year. If the trend continues, and in all likelihood it will, gold will fall below the $1,200/oz threshold. Gold started the month trading at $1,289.30/oz and lost $74.90/oz during the month or 5.8%.

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