Total silver physical demand stood at 1.07 billion ounces last year, the fourth highest level recorded since 1990, but down 4% from 2013, said Andrew Leyland, Precious Metals Demand Manager for Thomson Reuters. A main factor in the decrease in physical demand was a fall in coin and bar demand which hit record levels the year before, according to the Silver Institute's World Silver Survey 2015. Industrial application demand, which account for more than half of total physical demand, was lower by 0.5%. Silver jewelry fabrication had a second consecutive year of growth, increasing 1.5%, while ETF holdings stayed steady. Finally, silver mine production grew by 5%.

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