According to the U.S. Mint, Silver Eagle sales reached 3.6 million in the first two reporting days of 2015. In January thus far the Mint has sold 3, 614,000 Silver Eagles and 56, 500 ounces of American Gold Eagles.
Demand for Silver Eagles is always strong in January as investors are looking to purchase new dated units. In the latter part of December 2014 the U.S. Mint halted Silver Eagle sales creating greater demand for the new coins when they became available.
Industrial demand for silver continues to rise and may reach 58 percent in 2015 with an annual growth rate of 5 percent. Silver usage is seen across industry from chemicals to electronics to solar energy. Global solar demand is growing in leaps and bounds, especially in Asia. Silver is the key component in the manufacturing process for solar panels. Each panel contains about 20 grams of silver.
The number of solar panels in China alone has doubled every year since 2003. According to solar analysts global demand for silver should double over the next 5 years. By 2018 solar demand is expected to climb by 84 gigawatts. One gigawatt of electricity can power between 750,000 and one million homes.
China has 18 gigawatts of installed solar capacity with plans to increase that number to 30 in 2015. About 80 tons of silver are needed to generate every gigawatt of electricity from solar panels. The market for silver use in solar manufacturing for 2015 is forecast to be 100 million ounces. This is the equivalent of 10 percent of total silver demand. Total silver demand through the turn of the century was a mere one million ounces.
Soaring industrial and investor demand created a supply deficit in both 2013 and 2014. The deficit in 2013 alone was 113 million ounces. Had COMEX and the London Bullion Market Association not repeatedly shorted gold futures in 2014, silver would be currently trading around $50 spot.
Silver will remain a safe bet for investors in the long run.
Contact us for specials on the American Silver Eagle and the Silver Maple Leaf while supplies last. 1-800-577-3195
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