**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:
Overview
Inventories at CME and LBMA warehouses have fallen
Mine supply remains well below all-time highs
Silver demand from traditional sectors subdued
Offtake from green sectors set to increase
ETF Investors still on the sidelines
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.
