Silver6 Jul 2023 06:57
Https://tradingeconomics.com/commodity/silver
"Silver prices rose past $23 per ounce, extending its rebound from the three-month low of $22.2 touched on June 22nd and outperforming gold prices as low supply and strong industrial demand outweighed pressure from the Fed’s hawkish outlook. Regulatory changes in Mexico will make it harder for mining giants to be rewarded mineral concessions, threatening companies to reduce investments in new projects and jeopardizing output from the world’s top producer. Additionally, silver production out of Peru contracted by 7% year-on-year in the first four months of 2023, according to the latest data. In the meantime, growing demand for solar panels, especially in China, increases the share of silver as an industrial input. According to a report from The Silver Institute, solar panel companies are expected to make up 14% of global silver consumption, compared to 5% in 2014. The body estimates consumption to rise by 4% this year, compared to a 2% increase in output."