Surging industrial demand for silver has driven estimates for 2024 total demand to the second-highest level ever.
The latest forecast from the Silver Institute, a trade association, calls for global silver demand this year to total 1.2 billion ounces. That would rival 2022’s chart-topping demand of 1.242 billion ounces and represents an overall increase in demand of 1 percent.
Industrial end users of silver are expected to lead demand with an overall jump of 4 percent, 690 million ounces, outshining last year’s record high industrial demand. Key drivers of industrial demand continue to be photovoltaics (solar) and automotive users.
The study also calls for a recovery in consumer electronics to provide additional demand and says Artificial Intelligence applications have consumer electronics brands expected to introduce new silver-using products.
Silver should reach $30 an ounce, a ten-year high this year according to Michael DiRienzo, executive director of the Silver Institute. “We think silver will have a terrific year, especially in terms of demand,” said DiRenzo in a CNBC interview.
Silver remains on sale today based on its historical performance. Silver was $50 an ounce in 1980. It reached $50 in 2011 and nearly $50 again in 2012.
Today the price of silver is less than half that.
One analyst says silver is “stupidly cheap!”
Buying low and selling high is the best investment advice of all. See us today at Republic Monetary Exchange while silver is on sale. In the years ahead we will all remember today’s prices as historic bargains!