Global demand for silver on the rise
(PresseBox) - 2024 will be a record year for global demand for silver from industry.
The industry s demand for silver is at a record high. There has been a recovery in demand for jewelry and silverware. At the same time, the silver market will be in deficit for the fourth year in a row. The Silver Institute is forecasting industrial silver demand of 1.21 billion ounces for 2024 as a whole, an increase of seven percent. This means that the industry will absorb more than 700 million ounces for the first time. The photovoltaic industry will once again be the most important consumer. Newer solar cells have higher silver content. In addition, the capacity expansions in photovoltaics are greater than expected. In 2024, the amount of silver used was a massive 64% higher than in the previous year. Consumption in the automotive industry is also continuing to rise as electrification increases. And the expansion of the charging infrastructure is consuming more and more silver, as are the growing AI applications. In the silver jewelry and silverware segment, demand from India and the USA is expected to increase, according to the Silver Institute. While higher sales figures are expected for coins and bars in India, this segment is declining in the USA and Europe.
Supply from mines will only increase by one percent this year, to 837 million ounces of silver. The silver deficit in 2024 will be around 182 million ounces, similar to 2023. Experts expect the silver deficit to continue in the coming years. This should therefore provide further upside potential for the silver price and also please the companies with silver in their mining projects.
There is Discovery Silver - https://www.commodity-tv.com/ondemand/companies/profil/discovery-silver-corp/ -, for example. The company owns the excellent Codero project, which has a reserve of around 302 million ounces of silver. The company s portfolio also includes other silver-zinc-lead projects in Mexico.
MAG Silver - https://www.commodity-tv.com/ondemand/companies/profil/mag-silver-corp/ - has a stake in the successful Juanicipio silver mine in Mexico (44 percent, Fresnillo 56 percent). The processing rates and exceptional ore grades speak for themselves.
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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Datum: 18.11.2024 - 08:34 Uhr
Sprache: Deutsch
News-ID 714036
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