More than 11.7 million oz. silver went into the minting of silver legal tender bullion coins in 1989, up by 49% from the previous year, The Silver Institute of Washington, D.C., reports. The U.S. American Eagle led the way last year, accounting for 6.8 million oz. silver. Second was the Canadian Maple Leaf and third the Mexican Onza. The Maple Leaf’s market share jumped by almost 29% in 1989 from the previous year.
The institute also reports world silver mine production dropped to 441.2 million oz. in 1989 from 442.6 million oz. in 1988. The shortfall between demand and mine production, it says, was met by purchases of old or secondary silver and silver from centrally planned economies.
Peru was the top nation producer of silver in 1989, followed closely by Mexico. Rounding out the “top 5” were the U.S., the Soviet Union and Canada.
Global industrial demand for the metal rose to a record 493.5 million oz. last year, up from 476.2 million oz. in 1988, reports the institute.
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