263 mn oz of demand for the white metal!

While silver experienced plenty of volatility in 2023 due to competing headwinds and tailwinds, it didn’t see the breakout some expected. Instead, it looks ready to end the year in largely the same place in which it started.

Looking ahead to 2024, it’s possible silver will fare better as the Fed prepares to potentially take rates lower. A more positive price environment would in turn help explorers and producers move forward at their operations.

“Many silver miners have been struggling for lack of investor interest, but this has been most pronounced in the silver juniors. It’s a very challenging environment for them, especially with higher interest rates, making capital expensive, those quality companies that will survive this cycle currently make for extremely compelling investments, as they are true bargains right now” said, Peter Krauth.

It is known us that, the Silver Institute is forecasting that jewelry demand will reach 182 million ounces (mn oz) in 2023, while silverware will come in at 39 million ounces. Physical investment is projected to end the year down from 2022’s high of 332.9 million ounces, but will still capture 263 million ounces of demand for the white metal.

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