CHINA’S INDUSTRIAL SILVER FABRICATION TUMBLES: A Bad Sign For The Global Economy
The once Great Chinese Dragon Economy seems to be burning out as its economic indicators continue to weaken and smolder. One such indicator is China’s rapidly falling industrial silver consumption. At one time, Chinese industrial silver fabrication was consuming nearly a third of the global total. However, this has fallen considerably over the past two years.
According to the data in the 2017 World Silver Survey, China’s industrial silver consumption fell 15% in 2016, from 169 million oz (Moz) in 2015 to 144 Moz last year. That’s a 25 Moz decline in just one year:
Furthermore, Chinese industrial silver fabrication has fallen 23%, (42 Moz) from its peak of 186 Moz in 2014. While some may believe the decline in China’s industrial silver usage had something to do with rising silver prices. This couldn’t be, as the average annual silver price was $19.08 in 2014, $15.68 in 2015 and $17.14 last year.
So, as we can see, the Chinese consumed a great deal more silver for industrial silver applications when the price of silver was higher in 2014 than either 2015 or 2016. Which means, it had nothing really to do with the price. That being said, there is an even more alarming trend.
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