With increasing demand coming from industrial applications like the production of photovoltaics, the silver faced an estimated supply deficit of 142 million ounces in 2023.
Despite this, the price of silver continued a trend that saw it fluctuating between US$20 and US$26 per ounce. These fluctuations largely tracked along with the same trends that affected the gold market in 2023, including the regional banking crisis at the start of the year and the Israel-Hamas crisis at the end.
Higher interest rates throughout the year have impacted investment in exploration and mine expansion, which has especially impacted juniors and has depressed share prices for most silver primary companies.
These factors combined with a four-month strike at Newmont’s (TSX:NGT,NYSE:NEM) Penasquito gold-silver mine in Mexico, which produces 30 million ounces of silver per year, have contributed to an eventful year for silver.
Against that backdrop, some…
