“China will continue to be a major driver in the global silver market for years to come, fueled by continued industrial demand and silver mining activity. China is by far the largest consumer of silver globally, accounting for 18% of global fabrication demand in recent years. In addition, to meet its robust demand needs, the country is a major destination for imported silver products fabricated in the U.S., Japan and other countries. Moreover, China is also the third largest silver producing country worldwide and is a key nation for processing primary raw materials from around the world.”
USAGOLD note: It is a little known fact that China’s influence in the silver market is binary. It is the world’s largest consumer of the metal. It is also a major producer whose production stays, for the most part, within the country’s borders. As an aside, we should not ignore India’s growing role in the silver market as a major consumer.