Demand for silver jewelry will recover
Worldwide, around 23 percent less silver jewelry crossed the counter in 2020. A double-digit recovery is forecast for the current year, with growth of around 13 percent. Covid-19 and higher silver prices put a dent in silver jewelry sales in 2020. According to a report by the Silver Institute, global silver demand in 2020 was around 23 percent lower than in the previous year.
In the case of silver, around 20 percent goes to the jewelry sector, which is an important sector. An expected increase in the current year will therefore have an impact, among other things on the price. The Silver Institute also sees consumption of silver jewelry rising after 2021. One reason is India's growth. India accounts for around 35 percent of the production of silver jewelry. In second place in terms of consumption of silver jewelry is the USA. The ten percent growth forecast for the USA in 2021 will make up for the losses in 2020.
Overall, the Silver Institute expects demand for silver jewelry worldwide to grow steadily in line with rising economic growth over the next few years. A record level is even expected for the middle of the decade. Among investors, silver was a winner last year anyway. In the long term, therefore, the price of the precious metal should rise.
In addition, silver mine production is trending downward. Add to this the loose monetary policy and the increased use of silver in the photovoltaic and automotive industries, and silver companies should have good prospects for the future. These include Endeavour Silver and Tier One Silver, for example.
Endeavour Silver - https://www.youtube.com/watch?v=RWE053gmQ7A - successfully operates three producing silver-gold mines in Mexico. Additional development projects are being pursued.
Tier One Silver - https://www.youtube.com/watch?v=V11T-n_1nBM - owns four gold-silver projects in Peru. The Curibaya project in particular has already shone with very good drill results (up to 14 grams of gold and up to 298 kilograms of silver per ton of rock).
Latest corporate information and press releases from Endeavour Silver (https://www.resource-capital.ch/en/companies/endeavour-silver-corp/) and Tier One Silver (https://www.resource-capital.ch/en/companies/tier-one-silver-inc/).
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