500% Increase in Silver Demand! Your Gold & Silver Are About to Become Priceless - Egon von Greyerz

500% Increase in Silver Demand! Your Gold & Silver Are About to Become Priceless - Egon von Greyerz

As global economies shift towards more sustainable and technologically advanced industries, silver is emerging as a critical component in various sectors. This versatile precious metal is experiencing a surge in demand, driven primarily by the rapid growth of electric vehicles, solar energy installations, and other cutting-edge technologies.
Industrial demand for silver has been reaching new heights, propelled by its increasing use in photovoltaic cells, 5G technology, and automotive electronics. The China Photovoltaic Industry Association reports that Chinese solar manufacturers are adopting new technologies at an accelerating pace, which analysts suggest will have significant implications for silver usage. Photovoltaic installations have far exceeded initial forecasts for 2023, with projections indicating another record-breaking year for new capacity additions in 2024.
Egon von Greyerz, a renowned precious metals expert and founder of Matterhorn Asset Management AG, anticipates a significant rise in silver prices. He points to a growing silver shortage, as much of the historically produced silver, unlike gold, has been consumed by industry. Von Greyerz believes this supply constraint, combined with increasing industrial demand, will drive silver prices higher in the future.
Other market analysts echo this sentiment. Bank of America projects silver prices to reach 35 dollars per ounce by 2026, a substantial increase from its current spot price of 28.40 dollars. Silver has appreciated by almost 20% year-to-date, keeping pace with gold's gains. Many experts believe silver is poised to outperform gold in the coming years, given its sensitivity to manufacturing activity and the expected uptick in global industrial production.
Von Greyerz doubts a US-led global financial reset, citing America's economic weaknesses. He believes China and Russia likely have larger gold reserves and more influence on future monetary policies. Recent data shows China's central bank slowed gold purchases in Q2 2024, but its total gold reserves reached 2,264 tonnes, now 5% of its total reserves - the highest since 1996.
On Monday, the gold price lost traction despite a softer Greenback. Markets are still digesting the Federal Open Market Committee’s dovish stance and the softer US employment report. The US Treasury bond yields and the US Dollar will likely remain under pressure, serving as a tailwind for the yellow metal. Additionally, rising geopolitical tensions in the Middle East may continue to underpin traditional safe-haven assets like gold.
Greyerz notes that gold typically only reacts to geopolitical events in the short term. Monetary policies and the money supply influence long-term price trends. He is not overly concerned about short-term events like Fed decisions or isolated geopolitical incidents.
Gold traders will closely watch the US ISM Services Purchasing Managers Index on Monday for fresh catalysts. The Services PMI is estimated to improve to 51.0 in July from 48.8 in June. If the data comes in stronger than expected, it could lift the USD price and cap the upside potential for gold.

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[ogunfolutaiwo]

*I KNOW NOTHING ABOUT TRADING/ INVESTING AND I'M KEEN ON GETTING STARTED . WHAT ARE SOME STRATEGIES TO GET STARTED WITH .?*

[teohsoonkeat]

Silver will be the world 2nd currency besides yellow gold in time to come.
Silver is white gold....
Keep buying
The valuable silver asset....

[BoreîClasse]

@ Boreî classe, The question is how long will gold and silver prices remain manipulated by the COMEX, the LBMA, and central banks ?

[ryanmitchell]

This is a very good perspective on current issues. This is the REAL “woke”.

[nrm]

Funny thing about silver.
Demand goes up, price goes down.

[chesterstock]

I'm long SIU at 28.27. Should l hold? Choo

[johnboettger]

HOLLYWOOD: Here is your next zombie. Von Dracula

[ryanmitchell]

Silver is “cheap”! Everybody can buy some silver ounces.