Huge Demand for Silver in 2024

Published On: February 12, 2024

Surging industrial demand for silver has driven estimates for 2024 total demand to the second-highest level ever.

The latest forecast from the Silver Institute, a trade association, calls for global silver demand this year to total 1.2 billion ounces.  That would rival 2022’s chart-topping demand of 1.242 billion ounces and represents an overall increase in demand of 1 percent.

Industrial end users of silver are expected to lead demand with an overall jump of 4 percent, 690 million ounces, outshining last year’s record high industrial demand.  Key drivers of industrial demand continue to be photovoltaics (solar) and automotive users.  

The study also calls for a recovery in consumer electronics to provide additional demand and says Artificial Intelligence applications have consumer electronics brands expected to introduce new silver-using products.

Silver should reach $30 an ounce, a ten-year high this year according to Michael DiRienzo, executive director of the Silver Institute.  “We think silver will have a terrific year, especially in terms of demand,” said DiRenzo in a CNBC interview.

Silver remains on sale today based on its historical performance.  Silver was $50 an ounce in 1980.  It reached $50 in 2011 and nearly $50 again in 2012.

Today the price of silver is less than half that.

One analyst says silver is “stupidly cheap!”

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