May 13, 2004
By Gavin Maguire

New York, (OsterDowJones) - Silver fabrication demand exceeded conventional supply by 72 million ounces in 2003, the 15th consecutive year a deficit has been recorded in the market, according to the World Silver Survey 2004 released Thursday by the Silver Institute and market analysts GFMS Limited.

Strong fabrication demand and a slight slowing in mine output were behind the deficit, which was around 10 million ounces above the shortfall recorded in 2002.

Silver prices averaged $4.88 an ounce for 2003, a 6% gain on 2002's levels, and a year-end surge in investment and fabrication demand propelled levels to $5.96 at year's end, the survey said.

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