The survey said in the first quarter of 2016, although safe haven demand was the primary driver, the relatively stronger market fundamentals acted as a spring board for silver prices, given the continued higher demand for coins and concern around mine supply reduction.

The report predicted that silver mine production would continue to suffer losses in 2016 as a consequence of supply cuts in lead and zinc production, in combination with lower forecast output from both the primary silver and gold industries.

The silver market saw record demand in 2015, with the jewelry, coin and bar, and photovoltaic sectors posting new highs, helping to boost total silver demand to 1.17 billion ounces last year. Overall silver supply to the market was lower, led by the continued weakness in silver scrap sales. Last year’s supply and demand scenario led to the third successive annual silver market deficit, reaching 129.8 million ounces (Moz), more than 60 percent larger than 2014 and the third largest on record.

The silver bar imports by India surged significantly higher during March 2016.

Peru ranked second globally in silver production with output of 4,102 metric tons in 2015, equivalent to around 15 percent of the global total last year.

Mexico led the world with production of 5,400 metric tons, while China (4,100 metric tons) and Australia (1,700 metric tons) ranked third and fourth, respectively.

Silver is known by a number of pseudonyms, but most of the names in a financial context relate to gold ; “Poor man’s gold” and “High - beta gold” to name just two. It is therefore not surprising that silver ’s value is often referenced to gold in terms of the gold - silver ratio. Since the infamous Hunt brother’s cornered the market and were unceremoniously squeezed out in the late 70’s / early 80’s, silver has tended to amplify gold’s trading patterns, both on the upside and on the downside.

All of which means silver bulls occupy an odd position: One of the best fundamental arguments for the precious metal rests on a continuing drubbing for their counterparts in industrial metals to keep discouraging miners.

With a silver breakout occurring, the metals market might start to receive some shine, says a Bank of America Merrill Lynch technical report out Tuesday. Silver in particular is looking like it could begin a bull move higher.

While silver might be on a bull market run higher, there could be intermediate bumps in the uptrend and a potential re-testing of the break-out region.

The average growth in 2015 for silver jewelry sales was 15%;

As producers react to weak Chinese demand by slashing output of copper, zinc and lead, a side effect is silver prices are getting a boost as less of the precious metal is unearthed. Production will fall this year for the first time in more than a decade, say Societe Generale SA and Standard Chartered Plc.

As a result of such actions, Societe Generale sees mined supply of silver down 9.2 percent this year. The bank estimates it will drop again next year to 23,600 metric tons, or 13 percent less than was mined in 2015.

In a separate note out from Capital Economics, Julian Jessop, the head of commodities research, looks at silver. Why has its price not risen as quickly as gold’s? Jessop believes that silver may simply have recoupled with the prices of more conventional industrial metals rather than with gold. After all, as he notes, industrial uses account for more than 50% of the demand for silver, as opposed to less than 10% in the case of gold’s consumption.