1、The Silver InstitutePhilip Newman&Adam Webb,Metals FocusNovember 17th20222022 INTERIM SILVER MARKET REVIEW22022 contrasting messages-150-100-50050100150200250Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22MozInvestor positioning turns negativeSource:CFTC,net managed money positions32022 contrasting

2、 messages-150-100-50050100150200250Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22MozSILVERGOLD-5051015Jan-21Jul-21Jan-22Jul-22Moz-40-20020406080100Jan-21Jul-21Jan-22Jul-22Contracts(000s)COPPERSource:CFTC,net managed money positions42022 contrasting messages-150-100-50050100150200250Jan-21Apr-21Jul

3、-21Oct-21Jan-22Apr-22Jul-22Oct-22MozSource:CFTC,net managed money positions52022 contrasting messages-150-100-50050100150200250Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22Moz8009001,0001,1001,2002010201220142016201820202022E2010-2021 averageSource:Metals Focus;CFTC6Global exchange stocks falling

4、,by 400Moz this ytd to 1.3bn oz 240 280 320 360 4008009001,0001,1001,200Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22MozMozLondonComexSource:LBMA,Bloomberg72022 helps explain a rising gold:silver ratio-150-100-50050100150200250Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-22MozSource:CFTC,Bloombe

5、rg60708090100Jan-21Apr-21Jul-21Oct-21Jan-22Apr-22Jul-22Oct-228Silvers under performance during H2.22Source:Bloomberg758595105115125Jan-22Mar-22May-22Jul-22Sep-22Nov-22IndexSilver PriceGold Price LMEXIntra year:Gold-2%;Silver-6%;LMEX-12%92021,the start of a new phase of deficits,-48MozSurplusDeficit1

6、0152025303540-60-40-20020406080201020112012201320142015201620172018201920202021US$/ozMoz Balance Silver PriceSource:Metals FocusMined silver production to rise by 9Moz y/y in 202210This year global output is expected to rise by 1%y/y to 830Moz as significant growth in production from Mexico and Chil