Saxo Bank recently projected silver will soar to $50 an ounce in 2021, powered by loose monetary policy along with the push for “green energy.” Bloomberg Intelligence is now making a similar call, saying silver will be “the primary metal” benefiting from electrification and quantitative easing in 2021.
Gold set a new record earlier this year and briefly traded above $2,000 an ounce. In a recent report, Bloomberg Intelligence senior commodity strategist Mike McGlone predicted silver will follow gold toward a record high of its own.
The solar power industry is expected to create a steady source of demand for silver in the coming years, according to a new report released by the Silver Institute.
Silver just charted its best month in nine years, with the price of the white metal gaining 20.7% in May.
China will be a major player in the silver market in the years to come, according to a new report by the Silver Institute. The Chinese impact on silver comes from both the demand and supply sides of the equation.
China is by far the biggest silver consumer in the world. The Chinese account for about 18% of global fabrication demand and serves as a major destination for imported silver products fabricated in the US, Japan and other countries.
Meanwhile, China ranks as the third-largest silver-producing country in the world.
Green technologies will consume over 1.5 billion ounces of silver over the next twelve years.
The Silver Institute highlighted the growing demand for silver in the green energy sector, along with some new technological innovations utilizing the white metal in its latest edition of Silver News.
The amount of gold used in the technology sector grew for the fourth consecutive quarter, according to the latest demand report by the World Gold Council.
Tech industries consumed 67.3 tons of gold in Q3, a 3% increase year-on-year. Demand for memory chips served as a primary driver for increased industrial gold consumption.
Could silver be set to soar?
Analysts Barron’s spoke with recently think so.
An article published on the business journal’s website last week predicted the white metal will emerge as a winner for the second straight year.
With a per-ounce price of $17.41 for silver futures as of Friday, analysts say the white metal is poised for a big climb, particularly as the gold-to-silver ratio stands well above historical averages.”
