Silver being an industrial metal, World GDP growth determines the demand for silver.
Mining output is more a function of the prices of other metals like copper, zinc, lead and gold.
Robust jewellery and silverware demand
Central Government Sales by countries affect the supply and prices for the white metal significantly.
Global demand particularly from USA and Japan.
Reserves Important Countries and Central Banks
Geopolitical fears and higher inflationary expectation which ultimately end up in global wealth taking shelter in Silver.
Domestic demand based on monsoon, agricultural output and marriage season particularly in India.
A comparative return in other type of investments like Stock Markets also creates demand for Silver.