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World Silver Survey 2012

IMPORTANT NOTE: The following is for informational purposes only and was developed by Thomson Reuters GFMS on behalf of The Silver Institute in Washington, DC. It does not take into account the investment objectives, financial situation or particular needs of any particular person. Information is from sources believed to be reliable, but is not guaranteed as to its accuracy or completeness. Opinions and estimates are the judgment of Thomson Reuters GFMS and are subject to change without notice. Distribution of this information does not constitute agreement with, or an endorsement of, the views expressed. Obviously, future outcomes are impossible to predict with certainty. Investors should obtain advice based on their own individual circumstances and understand the risks before making any investment decisions.

This report is a summary of World Silver Survey 2012. The World Silver Survey (WSS) is an annual review of the international silver market. It contains the only truly global analysis of the world’s silver markets and has been produced by Thomson Reuters GFMS, the London-based analysts of global precious metals markets, on behalf of the Silver Institute in Washington DC since 1994. The WSS is a unique source of silver supply and demand statistics for more than sixty countries. It contains a comprehensive analysis of investor activity, worldwide silver stocks and bullion flows as well as a lucid and concise account of the financial, economic and social factors underlying market trends.

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Table of Contents

• Silver Review and Outlook
• Silver Price Developments in 2011
• Silver Supply
• Silver Demand