February 29, 2024 - The Gold Advisor

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Silver Institute Forecast

From The Silver Stock Investor: February 2024

The Silver Institute recently released its 2024 outlook, prepared by Metals Focus research consultancy, in advance of its World Silver Survey 2024, due out in mid-April.

I think it’s worth reviewing for their thoughts, along with my own, on what’s expected for this year in silver.

Demand

They see silver demand reaching 1.2 billion ounces which, if reached, will be the second-highest level on record, after 2022’s high of 1.27 billion ounces. They expect that will be driven by industrial consumption. They feel that in the near term, precious metals could remain challenged as we wait for U.S. rate cuts and the Chinese economy remains weak. They also believe that the second half of this year will improve significantly as rate cuts begin in the U.S. For the most part I agree with this view.

In their assessment, global demand for silver will rise 1% as industrial, jewelry and silverware demand rise. Industrial fabrication should grow by 4% to a record 690Moz, surpassing last year’s all-time high of 632Moz. As you might have guessed, solar will lead the charge as capacity grows and the move towards higher-efficiency solar cells, which require more silver,

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