While gold grabs headlines with record highs, silver has been quietly rallying with an impressive 34% surge this year. Powerful market players are starting to take notice, as silver edges closer to the spotlight. Initially, I anticipated US$35 silver by the end of 2024 and US$38-40 by mid-2025, but given the current landscape, it seems we could hit those targets even sooner.
Silver’s price rise is driven by a tightening supply and soaring demand. Low zinc prices have forced mine closures, while a strike at a key Mexican mine has further restricted silver output. With over 70% of silver mined as a byproduct, these disruptions have squeezed supply.
At the same time, industrial demand—especially in the solar industry—is booming. Silver use in solar panels has surged 158% from 2019 to 2023, with another 20% growth expected this year. As the global shift toward renewable energy accelerates, silver’s role in green technology becomes ever more crucial.
Investors are also flocking to silver for its dual appeal as a safe-haven asset and an industrial metal. Amidst economic uncertainty and expectations of lower interest rates, silver offers both stability and growth potential. China's expanding demand for silver, particularly in clean energy, adds another layer of upward pressure on prices.
With supply tightening and demand booming across multiple sectors, silver's path to US$40 looks increasingly likely—and could happen much sooner than anticipated. Silver's unique role in both industry and investment makes it a standout opportunity as we approach this critical milestone.
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