Silver - volatile, but with a lot of potential
Silver is clearly oriented to the gold price. This shows that silver can go up strongly when the gold price rises.
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Chart technicians see a buy signal for silver above 25.10 U.S. dollars per troy ounce. During the last gold price increase, the silver price also moved significantly upward, even outperforming gold. Both precious metals are reacting to expectations that the Fed has ended its tightening cycle, perhaps for good. Weaker inflation data from the U.S. speak in favor of this. This data has a positive effect on the silver price. In addition, the economic data show a robust side. What will definitely drive the silver price is the global shift to more green energy.
For example, the U.S. Department of Energy plans to spend billions of U.S. dollars to spur domestic production in the solar power sector. This is attracting industrial demand for silver, which could prove extremely robust. After all, solar capacity grew 18.5 percent in the U.S. and 19.8 percent in Europe last year. The solar sector is now the area where silver demand is growing the fastest. Pricewise, an uptrend in the price of silver would be most evident if the ounce of silver rose above $26.15, according to chart technicians. Incidentally, most silver last year came from Mexico by far, followed by China, Peru and Chile. Globally, about 26,000 tons of silver were mined in 2022. Silver in Mexico has been the focus of MAG Silver and Chesapeake Gold, for example.
Chesapeake Gold's - https://www.commodity-tv.com/ondemand/companies/profil/chesapeake-gold-corp/ - flagship Metates project in Durango contains gold, silver and zinc.
MAG Silver - https://www.commodity-tv.com/ondemand/companies/profil/mag-silver-corp/ - has an interest in the Juanicipio project and has just started commercial production. In addition, MAG Silver has interests in other projects in the USA and Canada.
Current corporate information and press releases from MAG Silver (https://www.resource-capital.ch/en/companies/mag-silver-corp/ ).
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