CEO Shawn Khunkhun, "The 850 million ounces we mine annually will be entirely consumed by growing industrial demand," Khunkhun stated. He pointed out that recent years have already seen significant silver deficits, and with investment demand expected to surge during the upcoming bull market, the squeeze could lead to record-breaking silver prices by 2026," as quoted by The Jerusalem Post.
First Majestic Silver CEO Keith Neumeyer says silver could climb to $100, even $130 per ounce. All thanks to silver's deficit, its strong industrial demand, and just how undervalued it is as compared to gold.
According to a new report from Mining.com, the global silver supply has flat-lined, all while explosive demand growth continues to cause supply chain issues. Within the report, several experts were referenced, with Sprott Money and Investopedia strongly indicating that the gold-silver ratio is worth watching, as both predict silver to break out later this year, in the wake of United States Feder Reserve Chair Jerome Powell hinting towards beginning the process of lowering interest rates. According to the Silver Institute's forecasts, industrial applications will drive 58.3% of the world's 1.2 billion ounces of demand, with silver demand for industrial uses having now jumped to 64% of global use from approximately half, representing a 19% increase from last year.
Gold has been in a sustained move-up. Occasional down drafts, but then strong moves up, including today. If gold’s ascent is a clue, silver could be pausing and digesting its May technical breakout before an explosive move. Fundamental and technical analysis suggests that higher silver prices are on the horizon.
Silver's previous high was the 1980 record $50.36 peak. Taking into account inflation, that would have silver at $200 in today's dollars.