Gold has long been spotlighted, outpacing silver in performance over recent years. However, signs suggest that the tables may soon favor silver. Forecasts indicate a fourth consecutive yearly deficit in global silver supplies, coupled with a surge in demand to its second-highest level on record. This raises the potential for silver prices to rally, with some projections even suggesting a doubling by the end of 2024. Furthermore, global silver demand is forecast to rise by 1 percent to 1.2 billion ounces this year, marking the second-highest level on record. According to industry experts, this uptick is primarily attributed to stronger industrial offtake.
Peter Krauth, known for "The Great Silver Bull," highlights the challenge posed by rising industrial demand, which reduces available silver for investment. One significant issue contributing to this is the limited recycling of silver used in industry due to logistical constraints and high costs. This leads to considerable silver remaining tied up in industrial applications, worsening the scarcity of investable silver.
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Credit: ITM TRADING, INC.
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