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I wrote last week that the increase in industrial demand for silver will propel prices higher. There is only so much silver in the vaults in London in the inventory of the London Bullion Market Association (LBMA). Lower production of silver for several years, lower interest rates, increased physical demand, and traders who are short the metal and need to cover their short positions have all added to the price squeeze.
John LaForge, head of real asset strategy at Wells Fargo Bank, has been a silver and commodity bull for many years. I mentioned in a post several months ago that he was on CNBC in May 2023 saying silver especially had room on the upside in price when silver was around $24.00 an ounce.
Silver has been in a supply deficit since at least the year 2020. Until production increases or demand declines we can see potentially higher prices for the silver metal going forward.
