Supply and demand with Silver

In 2008 there was a significant dip in the demand for silver. With the economy failing, the result is people buying less of real silver products. For instance, real silver jewelery demand drooped 3.2%, and silverware demand dropped 2%. One could conclude that due to the poor economy consumer's expectations were dropping which in turn caused consumers to substitute fine silverware or nice real silver jewelery for cheaper knock-off brands. These examples and others cause the demand for silver to decrease. If mines continue to supply silver in the amounts they have been a surplus of silver will result due to the decrease in demand.