Silver ideally equipped for 2024
(PresseBox) - The renowned Silver Institute sees good prospects for demand for silver overall.
Silver is in deficit for the third year in a row, with a deficit of around 215 million ounces. This is the second largest deficit in more than 20 years. Overall, the supply of silver is expected to fall by around one percent this year. Demand for the precious metal, on the other hand, is expected to grow by around two percent. Last year, demand for silver from industry already rose by eleven percent. An increase of nine percent is forecast for industry, another all-time high. The photovoltaic sector is primarily responsible for this, but other industrial sectors are also demanding more silver, such as the field of artificial intelligence.
Incidentally, the photovoltaic industry consumed 64% more silver last year than in the previous year. This corresponds to a record value of around 193 million ounces of silver. In 2022, this figure was 118 million ounces of silver. Artificial intelligence is increasingly finding its way into a wide range of industries, be it healthcare, computers, transportation or nano- and biotechnology. Jewelry and silverware are expected to grow by four and seven percent respectively. Demand for bars and coins, on the other hand, is expected to decline.
In the photovoltaic sector, China in particular is the country that is fueling demand for silver, as China is diligently expanding this industry and is responsible for more than 90 percent of module production. This is reflected in a 44 percent increase in Chinese demand for silver. The transportation sector, i.e. the automotive, aerospace and shipbuilding industries, is also a robust silver consumer. The top silver-producing country is Mexico. Silver production there fell by five percent last year. Investors can bet on the continued success of the precious metal with investments in Discovery Silver or MAG Silver, for example.
Discovery Silver - https://www.commodity-tv.com/ondemand/companies/profil/discovery-silver-corp/ - owns silver-zinc-lead projects in northern Mexico, including the highly prospective Codero project in Chihuahua.
MAG Silver - https://www.commodity-tv.com/ondemand/companies/profil/mag-silver-corp/ - has a stake in the producing Juanicipio mine in Mexico. The company's portfolio also includes other promising projects.
Current company 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/ -).
In accordance with §34 WpHG I would like to point out that partners, authors and employees may hold shares in the respective companies addressed and thus a possible conflict of interest exists. No guarantee for the translation into English. Only the German version of this news is valid.
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Unternehmensinformation / Kurzprofil:
Datum: 10.05.2024 - 11:48 Uhr
Sprache: Deutsch
News-ID 705197
Anzahl Zeichen: 4656
contact information:
Contact person: Jörg Schulte
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"Silver ideally equipped for 2024"
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