**Bank of America's 2024 Silver Analysis

The World’s Appetite for Silver Is Squeezing Supply

Happy Thanksgiving. We are off tomorrow

As more spending on solar panels come through, silver should rally. Bottoming out of the global economy in 2024 should also help industrial demand

Contents:

1. Overview

2. Inventories at CME and LBMA warehouses have fallen

3. Mine supply remains well below all-time highs

4. Silver demand from traditional sectors subdued

5. Offtake from green sectors set to increase

6. ETF Investors still on the sidelines

7. Original format

Overview

While silver has found a floor above $20/oz, prices have not been able to push higher, despite production discipline from the miners and rising demand from green technologies. This has been heavily influenced by weak industrial production and a lack of investor interest globally. However, if the continued focus on the energy transition is accompanied by stronger global growth, silver prices should push higher.

Inventories at CME and LBMA warehouses have fallen