The Silver Institute‘s Executive Director, Michael DiRienzo, thinks there is still a lot of room for silver prices to increase. To replicate the high levels reached in 2022, when silver demand reached 1.24 billion ounces, will be difficult. However, DiRienzo projects a 4% increase in industrial demand and a 3% increase in demand from the electronics and electrical industries.
With a 7 percent increase in the year’s first five months, silver prices have been rising in 2023. Low inventories at the COMEX and London Bullion Market Association are mostly to blame for this price increase.