Activity in the U.S. silver market in 1994 continued the upward price trend that began to develop in early 1993 (although in that year, a near-20-year low of $3.54 per oz. was recorded).
Volatility was considerable in the 1994 first quarter, when a high of $5.75 per oz. was reached for the year. Trading at mid-year varied between $5.05 and $5.60 per oz. This was followed by another upward swing, to $5.68 per oz., before the price reached a low for the year of $4.62.
The differential between high and low prices was $1.13 in 1994, compared with $1.83 in the previous year.
For the fifth consecutive year, supplies from investor stocks were required to meet world demand by industry and for coinage. New domestic production reached one of the highest levels of the past 50 years, although, at 50 million oz., it was slightly down from 1993.
Stocks of silver in domestic exchange warehouses were down by some 33 million oz., compared with record levels in 1993. Government stocks of silver — the only metal used for the various coin and commemorative programs — dropped by about 9 million oz. to a level of 77 million oz.
Domestic industrial consumption reached about 130 million oz. — an increase of roughly 9 million oz. compared with 1993. Coinage accounted for consumption of nearly 10 million oz.
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