Silver heads for a deficit
(PresseBox) - The Inflation Reduction Act of the USA has now turned one year old, and a lot has happened. One of the winners is likely to be silver.
Clean energy efforts are having an impact. According to a study, more than 270 new projects aimed at clean energy have been announced in the eleven months since the law was passed. This is worth a total of about $130 billion. And manufacturing employment is at its highest level since 2008. For Bank of America, silver is the precious metal with the largest supply deficit. That's because silver has a big role to play in solar energy. Electric vehicles and the electrification of the economy are gobbling up huge amounts of the precious metal. By 2030, according to Bank of America, the supply deficit of silver will reach new heights. That raises eyebrows.
At the same time, the study forecasts a supply deficit of 17 percent for copper and 65 percent for lithium. The reason for the enormous demand for certain raw materials is that an electric vehicle needs about six times as many metals that are important for the energy transition as a conventional car. An unshore wind turbine uses about nine times as many metals as a turbine that runs on gas. The energy transition is thus creating strong demand for metals needed for battery production, as well as for wind and solar energy production.
In the case of silver, at any rate, the long-term potential is very great, even if it will take some time in the short term. That's where the focus is on silver companies. MAG Silver and Discovery Silver, for example, have projects in Mexico, a country rich in silver.
MAG Silver - https://www.commodity-tv.com/ondemand/companies/profil/mag-silver-corp/ - has interests in other projects in the U.S. and Canada in addition to its interest in the Juanicipio project in Mexico.
Chihuahua, Mexico is home to Discovery Silver's - https://www.commodity-tv.com/ondemand/companies/profil/discovery-silver-corp/ - Codero project, one of the largest silver deposits on earth.
Current corporate information and press releases from MAG Silver (- https://www.resource-capital.ch/en/companies/mag-silver-corp/ -) and Discovery Silver (- https://www.resource-capital.ch/en/companies/discovery-silver-corp/ -).
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Unternehmensinformation / Kurzprofil:
Datum: 28.07.2023 - 06:39 Uhr
Sprache: Deutsch
News-ID 688320
Anzahl Zeichen: 4318
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"Silver heads for a deficit"
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