RENO (MINEWEB) -

The Silver Institute says, "Sturdy investment demand has pushed the silver price up 20% in the first ten weeks of 2012, outperforming platinum, palladium and gold during the period."

In a news release issued Thursday, the institute said silver-based ETFs now account for 586 million ounces of silver, up from 576 million ounces at the end of 2011.

"Demand for physical silver bars is also strong. According to several precious metals dealers, silver bar sales continue to be brisk," said the institute.

Investor demand on the COMEX has also been strong this year. As of February 28, net long silver positions had increased by more than two-fold from year-end 2011. Total net long positions on February 28 were at their highest level since Sept. 13, 2011, said the Silver Institute.

"Also contributing to a strong silver price over the course of this year will be strengthening global silver industrial demand after a record 2011," the institute noted. A silver report commissioned by the Silver Institute published a year ago forecasted that silver industrial demand will grow by 36% to 666 million ounces from 2010 to 2015.

"Silver industrial demand remains positive primarily because of the lack of substitution and the wide range of established and ever-growing new uses of silver that are vital to industry," the institute advis