Silver Will Outshine Gold While Reaching the Highest Level of 8 Years in 2021 Demand!

 

The Silver Institute announced on Wednesday (today) that global demand for silver will rise to 1.025 billion ounces in 2021 as investor and industry purchases increase.

The coronavirus outbreak triggered a rush among investors to stockpile silver instead of gold, which was traditionally seen as a money storage port. The institute predicts that ingot and coin purchases will increase to 257 million ounces in 2021, the highest level in six years, and said the momentum will continue. It did not give a forecast for ETFs, but these have grown strongly so far this year and helped push prices to an eight-year high of $ 30.03 per ounce on February 1. However, the strong noticeable growth of ETFs this year caused prices to rise to an eight-year high of $ 30.03 from the beginning of February.

Silver Institute said, "Silver is used in broad industries such as electronics and solar panels. Containment of the epidemic and the recovery of the global economy will drive demand higher."

Industrial demand is projected to increase by 9 percent starting in 2020 to 510 million ounces, the highest level in the last four years. Silver demand for jewelry will rise to 174 million ounces, but will remain below levels seen before the epidemic. On the supply side, with the disruptions caused by the pandemic lessened, mineral production should rise to 866 million ounces, the highest value since 2016.   Silver Will Outshine Gold While Reaching the Highest Level of 8 Years in 2021 Demand! Source: https://www.reuters.com/ You may also be interested in this:

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