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VM Group
• Precious Metal Investment Weekly
• Metals Monthly
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• Gold Hedging Report
• The Yellow Book
• The Silver Book
• The White Book
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THE SILVER BOOK

Silver Book is produced on a bi-annual basis by the Virtual Metals team for ABN AMRO Bank N.V. As a sister product to the Yellow and White Books which cover gold and pgms respectively, The Silver Book offers a new analysis of the global fundamentals and outlook for the international silver market. The Silver Book is open-access, available either from Virtual Metals or ABN AMRO Bank N.V and will be uploaded here. You can also receive this report by contacting clare@virtualmetals.co.uk

Each issue of the Silver Book will contain:

• A feature article specific to the silver industry. The debut publication questions conventional wisdom which maintains that the silver market has for many years been in deficit;
• A discussion on the global flows of gold and current supply/demand relationships and Virtual Metals' view as to what may unfold in the next 12-18 months;
• Statistical data series considering each sector of the identifiable silver market.

2011

• ABN AMRO/VM Group Silver Book - July 2011 | Press release

In the July 2011 issue of the Silver Book, published by VM Group and ABN AMRO Bank, we examine the short to long-term prospects of the silver price and explore the past, current and future price drivers. Silver prices were heavily overbought in March and April this year, and were due for a correction in May. That however did not mean silver was in a bubble, as the positive longer term fundamental investment outlook remains intact. When looking at inflation adjusted prices, silver is still relatively cheap and well below its all-time highs of plus $120/oz set in 1980. This is due to silver’s lost decades when the metal was a depressed asset in the 80s and 90s. Despite the impressive gains witnessed in recent years the silver market has still yet to experience annual average gains seen in the 1970s. Upside risks for silver prices over the longer term outweigh the potential near-term pitfalls, in our view, and will be supported by heightened investment appetite, due to high sovereign debt levels, and by the new industrial end uses that will see physical offtake rebound from decades of decline, leading to a narrowing of the persistent market surplus.