Demand for Ag as an Investment

[argent_pur]

I've often wondered where outfits like the Silver Institute and GFMS get their stats on the % of silver that's demanded for investment purposes...perhaps someone can assist me with this.

For example, when I hear that "Silver demanded for investment is 10% higher this year than last", are they saying: 1) individual investors bought 10% more silver, 2) PM dealers bought 10% more silver from mints and refiners that they expect they can sell, or 3) mints and refiners bought 10% more silver from silver mines that they intend to sell to PM dealers who will sell to individual investors? At which level of production are these statistics derived? Thanks very much!

Jim

[DoctorMetal]

I believe it's number 3: sales from mines to refiners