Solid fundamental demand for silver
Silver as a metal in high demand by industry should not disappoint silver investors either.
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Further growth in silver demand from the solar sector is generally expected, as the push for green energy is a key driver of silver demand in many countries. According to a report by BMO Capital Markets, silver consumption in the solar industry is expected to increase by around 85 percent to approximately 185 million ounces of silver over the next ten years. The automotive sector should also order steadily more silver in the coming years, at least from 2023. The silver price will therefore be supported on the one hand by a stabilization of the industry and on the other hand by a change of course by the Fed. According to the latest statements of the chairman of the U.S. Federal Reserve, Jerome Powell, future interest rate increases are justified due to the level of inflation, but tightening could perhaps be slowed down as early as December. Statements like this usually give a boost to the price of gold and also silver. And according to the latest U.S. economic data, inflation in the U.S. may have already peaked. A then possible more moderate monetary policy would strengthen the silver price.
From a chart perspective, the next upside target for silver is closing prices above technical resistance at $22.50 per ounce (the November high). The next rally in silver is likely to be driven by monetary demand, industrial demand, the gold-silver ratio, physical market bottlenecks and low inventories. Already this year, global silver demand will most likely reach record levels. Investors can bet on silver with stocks from silver companies such as MAG Silver or Tier One Silver.
MAG Silver - https://www.youtube.com/watch?v=y2EBk763qwI - is developing the Juanicipio project in Mexico with partner Fresnillo. Underground mine production has been running since 2020.
Tier One Silver - https://www.youtube.com/watch?v=X7nDOPabASA - focuses on silver, gold and base metal projects in Peru. The main project Curibaya covers about 11,000 hectares.
Current corporate information and press releases from MAG Silver (https://www.resource-capital.ch/en/companies/mag-silver-corp/ ) and Tier One Silver (https://www.resource-capital.ch/en/companies/tier-one-silver-inc/ ).
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