It's FINALLY HAPPENING! Your Silver Stack Is About to Become Very "Priceless" - Keith Neumeyer
It's FINALLY HAPPENING! Your Silver Stack Is About to Become Very "Priceless" - Keith Neumeyer
According to the Silver Institute, the global silver market is poised to experience a 17% increase in its deficit, projected to reach 215.3 million ounces in 2024. This rise is attributed to a 2% growth in demand driven primarily by robust industrial consumption, alongside a 1% decline in total supply.
Keith Neumeyer, President and CEO of First Majestic Silver Corp., underscores the persistent deficit in silver supply, with consumption consistently surpassing production for the past six years. Despite growing demand, silver recycling remains stagnant due to financial constraints, potentially impacting silver prices in the future.
Industrial demand for silver hit a record high in 2023, mainly fueled by increased usage in the solar energy sector. The Silver Institute highlights that the rapid expansion of photovoltaic capacity and the adoption of new-generation solar cells have significantly boosted global electrical and electronics demand by 20%.
Neumeyer emphasizes the indispensable role of silver in various technological applications, including computers, cell phones, automobiles, and solar panels. With industries consuming 30% of the world's silver supply, driven by the rise of electric cars and solar energy, the demand for silver continues to grow.
The Silver Institute projects a 2% increase in silver demand in 2024, with industrial demand expected to hit another all-time high. This forecast indicates the continuation of a structural market deficit for the fourth consecutive year, reaching approximately 215 million ounces.
Discussing the dynamics of the silver market, Neumeyer points out the involvement of significant consumers like Sony or Tesla in contracts with banks for silver delivery, which banks leverage in the paper market, impacting spot prices. He suggests that short positions held by banks contribute to the volatility in silver prices.
Reportedly, stocks held in commodity exchange depositories and London vaults declined by 5% last year, equating to nearly 15 months of global supply by the end of 2023. Most of this decrease occurred in China, driven by rapid industrial demand growth of 44%, reshaping local supply/demand dynamics.
Spot silver prices, up 18% year-to-date, surged to 29.79 dollars per ounce last week, marking their highest level in over three years. This was propelled by a rally in gold prices and strong copper prices.
Neumeyer raises concerns about the transparency of silver data, particularly noting restrictions on silver exports in countries like China, which further complicates the understanding of market dynamics. He also sheds light on the significant trading volumes of silver in paper markets, estimating around 320 billion ounces traded annually, a stark contrast to the annual production of 820 million ounces by miners.
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