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SilverInvestUpdateNov11

SilverInvestUpdateNov11

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Published by: SGS on Nov 13, 2011
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11/17/2011

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The Silver InvestmentMarket - An Update
Commissioned by The Silver Institute
Prepared by Thomson Reuters GFMSNovember 2011
 
2
The Silver Investment Market - An Update, November 2011
© Reuters Limited 2011, The Silver Institute. All rights reserved.
We (and where relevant, any identied contributors or co-authors) are the owner or the licensee of all intellectual property rights in thisdocument. This document is protected by copyright laws and treaties around the world. All such rights are reserved.No organization or individual is permitted to reproduce all or part of this document (including without limitation extracts such as tables andgraphs), whether by photocopying or otherwise, without the written permission of Thomson Reuters GFMS and The Silver Institute.Your reproduction of all or part of this document in breach of these terms may result in civil or criminal actions against you.
 
While every effort has been made to ensure the accuracy of the information in this document, the content of this document is provided without anyguarantees, conditions or warranties as to its accuracy, completeness or reliability. It is not to be construed as a solicitation or an offer to buy orsell precious metal, related products, commodities, securities or related nancial instruments. To the extent permitted by law, we, other membersof our group of companies and third parties connected to us hereby expressly exclude:
 
All conditions, warranties and other terms which might otherwise be implied by statute, common law or the law of equity.Any liability for any direct, indirect or consequential loss or damage incurred by any person or organization reading or relying on this documentincluding (without limitation) loss of income or revenue, loss of business, loss of prots or contracts, loss of anticipated savings, loss of goodwilland whether caused by tort (including negligence), breach of contract or otherwise, even if foreseeable.
 
3
The Silver Investment Market - An Update, November 2011
Table of Contents
1.0
 
Executive Summary
 
5
 
Introduction
 
Investment Prole
Investment Outlook 
2.0
 
Market Overview
 
8
 
Introduction - World Investment 
 
Development of World Investment 
3.0
 
Who is Investing in Silver and Why? 10
 
Introduction
1
 
Institutional Investors
1
 
Retail Investors
11
 High Net Worth Investors
 
1 
4.0 Investing in Paper Instruments Linked to Silver 13
 
Introduction
1
 
New York Mercantile Exchange
1
 
Other Exchanges
1
The Over-the-Counter Market 
1
 
Exchange Traded Funds
1
 
Stock Exchange Listed Products
1
5.0
 
Physical Investment 17
 
Introduction
1
 
North America
1
 
Europe
1
 
China
2
India
2
 
 Japan
21
 
6.0
 
Silver Mining Stocks 22
Introduction
2
 
Investment Case
2
 
Risk Characteristics of Silver Stocks
2
 Investment Criteria
2
 
Investment Opportunities
2
 
Conclusions
2
 
7.0
 
Analysis of Privately Held Bullion Stocks 26
Introduction
2
 
Prevailing Trends & Outlook 
2
 

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