世界白银协会：2025年主要实物白银投资市场报告（英文版）

Looking first at the US, this traditionally being the largest physical silver investment market. However, in 2018 and 2019, it was overtaken by India, an outcome which looks set to be repeated this year. This aside, the scale of US buying has been staggering. Between 2010-2024, a combined total of 1.5bn oz (46,160t) was purchased by retail investors, averaging 98.9Moz/y (3,077t). At its height during 2021-23, retail demand averaged a phenomenal 131.5Moz/y (4,091t). One increasingly important