Silver posted an average price of US$20.19 in 2010, a level only surpassed in 1980, and a marked increase over the US$14.67 average price in 2009. This buoyancy is very much alive today, with the 2011 price averaging US$31.86, based on the London fix, through the end of the first quarter.World investment rose by an impressive 40% last year to 279.3 million troy ounces (Moz), resulting in a net flow into silver of US$5.6 billion, almost doubling 2009’s figure.
Exchange traded funds (ETFs) registered another sterling performance in 2010, with global ETF holdings reaching an impressive 582.6 Moz, representing an increase of 114.9 Moz over the total in 2009. The iShares Silver Trust accounted for almost 40 percent of the increase, with other notable gains achieved by Zurcher Kantonalbank, ETF Securities, and the Sprott Physical Silver Trust.
A significant boost in retail silver investment demand paved the way for higher investment in both physical bullion bars and in coins and medals in 2010. Physical bullion bars accounted for 55.6 Moz of the world investment total last year. Coins and medals fabrication rose by 28 percent to post a new record of 101.3 Moz.
In the United States, over 34.6 million U.S. Silver Eagle coins were minted, smashing the previous record set in 2009 at almost 29 million. Other key silver bullion coins reaching milestones include the Australian Kookaburra, the Austrian Philharmoniker, and the Canadian Maple Leaf–all three posting record highs in 2010.
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