Global Industrial Recovery Set to Drive Demand Growth for Silver

Over the last several months, gold prices have been rallying to record highs amid the increasing global economic volatility and uncertainty. Since the beginning of the year, spot gold prices have jumped over 32%, and according to analysts, prices are expected to continue climbing, making 2020 the most significant year for gold since 1979.

However, gold is not the only commodity outshining amidst all the turmoil; it appears that silver has been following suit, rising over 30% between January and to date. Today, silver prices rose to over $28.46 per ounce, while gold increased to a record-breaking $2,069. According to a note by Mizuho Bank which was witnessed by CNBC, the catastrophic Port of Beirut explosion most likely added to the sudden rally in gold prices overnight earlier this week.

According to Deutsche Bank commodities and foreign exchange strategist Michael Hsueh, once the world economy is able to recover from its disastrous coronavirus fallout, a demand increase for silver is to be anticipated; the long-run bounce back will cause industrial consumption to rise, thus expanding the use of silver in various industrial settings.

In the meantime, gold will most likely continue on its rising trajectory, since given that investors have recently been shying away from fiat currencies- the US dollar especially, according to Ned Naylor-Leyland, who is the precious metals fund manager at Jupiter Asset Management. Nonetheless however, both gold and silver prices are set to experiences increases.

Information for this briefing was found via CNBC. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Endeavour Mining Q1 Earnings: Cash Flow Is King

G Mining Oko West Feasibility: Move Fast, Break.. Nothing?

New Gold Q1 Earnings: What’s Behind The Market’s Surprising Reaction?

Recommended

First Majestic Posts Record Cash Flows In Q1 As Production Costs Fall

Brazil Potash Secures Funding In Support Of US$2.5 Billion Autozales Project

Related News

The Deep Dive Compiles Company Profile On Riverside Resources

Riverside Resources (TSXV: RRI) (OTCQB: RVSDF) (FSE: R99) is a Canadian mineral exploration company headquartered in...

Tuesday, September 29, 2020, 02:03:00 PM

Orvana Increases Taguas Resource Estimate To 2.6 Million Gold Equivalent Ounces

Orvana Minerals Corp. (TSX: ORV) today announced that the company has updated the mineral resource...

Monday, July 5, 2021, 04:34:00 PM

No Mill, No Tailings, No Problem | J. Malcolm Bell – Nova Pacific

Nova Pacific Metals (TSXV: NVPC) is challenging traditional mining approaches with an innovative strategy for...

Friday, March 7, 2025, 02:20:00 PM

Warren Buffet Buys 20.9 Million Shares of Barrick Gold, Sells Remainder of Stake in Goldman Sachs

It appears that Barrick Gold (TSX: ABX) (NYSE: GOLD) has a lot of reason to...

Friday, August 14, 2020, 07:11:47 PM

Why Gold Is Secretly Flooding Into The U.S. & Who’s Suppressing Silver?! | Andy Schectman

In this interview, Andy Schectman from Miles Franklin delivers an analysis of the current gold...

Sunday, April 27, 2025, 11:43:00 AM