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Note: Please consider that the PGM (Pt, Pd, Rh) content might change from one catalytic to another (with the same serial #) due to its condition affected by mileage, weather conditions, etc. *Assay made with Niton XLT3GOLDD+
This week, silver prices hit a high of $31.70 per ounce, marking a 28% increase over the past 60 days. The ongoing supply deficit, now in its third consecutive year, is beginning to significantly impact the market. Keep an eye on these trends as the demand continues to outpace supply, driving prices higher.
Silver Surge: Navigating Investment Opportunities in 2024
As we step into 2024, silver investors are greeted with a landscape that continues to offer promising opportunities. Here are key facts to consider for silver investment in the year ahead:
Persistent Supply-Demand Imbalance: For the third consecutive year, the demand for silver in 2023 surpassed its available supply, highlighting its enduring value.
Record Industrial Demand: Industrial consumption of silver soared to new heights in 2023, reaching 654.4 million ounces, driven by the renewable energy sector.
Structural Deficit: The silver market had a significant deficit of 184.3 million ounces in 2023, a trend expected to persist.
Green Technology Fueling Demand: The rise in green technologies, like solar energy, has been a major catalyst for increased silver demand.
Role of Physical Investment: Physical investment remains a significant driver of silver demand, constituting about 25-30% of the overall demand.
Projected Market Shortfall: If current trends continue, 2024 could witness a market shortfall of around 215 million ounces.
Resilience Amidst Sectoral Shifts: Despite declines in the silverware and jewelry sectors, the overall deficit remained largely unaffected, showing the diversified nature of silver demand.
Silver continues to present compelling investment opportunities in 2024 and beyond. With the global economy’s shift towards sustainability and green technologies, the demand for silver is poised to escalate. For investors, a strategic allocation to silver could prove to be a prudent long-term investment strategy.
IMPORTANT NOTE: The information contain in this article for information purpose only and does not constitute investment advice or a recommendation to buy or sell.
