SILVER
A. DEMAND
Main drivers of demand
· Industrial: Electronics, solar panels, electric cars, photography, photovoltaics
· Jewellery: Declined around 22% in 2023.
· Physical investments: Bars
· Coins and metals
High electrical conductivity.
Affordability
Demand Outlook
· Around 10% increase in industrial demand is forecast.
· 4%- 5% increase expected in jewelry fabrication.
· Silverware demand is expected to increase by 7%-10%.
· Hedging demand neutral, or slightly up or down (±2%).
Overall demand for silver is expected to increase.(main driver industrial demand. Green energy transition, demand for solar panels expected to increase)
B. SUPPLY
Stocks to watch:
1. BHP Group Limited (NYSE:BHP)
2. Wheaton Precious Metal (NYSE:WPW)
3. Newmont Corporation (NYSE:NEM)
4. First Majestic Silver (NYSE:AG)
5. Pan American Silver (NASDAQ:PAAS)
6. Fortuna Silver Mines (NYSE:FSM)
7. Hecla Silver Mining Company (NYSE:HL)
8. Gatos Silver (TS…