Silver: Highest prices since 1988

The year 1998 was filled with news of record-setting low prices for a number of commodities. Silver producers were saved from this trauma. The average price for 1998 was $5.53/oz, a respectable price increase of about 12. Preliminary information for 1998 indicates that mine production increased approx11% from 1997. Industrial demand for Ag increased for the 14th consecutive year, reaching 850 million oz, up almost 4% from 1997. This increase came despite difficult worldwide economic conditions and was strongest in the major areas of consumption: jewelry and silverware (4.1%) and photograpic (6.1%).