Discover why silver is the undervalued investment opportunity of 2024! With a 46% price rally and growing industrial demand, silver is set to shine brighter. Learn how supply constraints and renewable energy trends are driving this precious metal's value. #silver #investing #Commodities #RenewableEnergy #markettrends
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Why Silver is the Undervalued Commodity You Should Be Watching
In the world of precious metals, gold often takes the spotlight. However, there's another commodity that is currently undervalued and deserves your attention—silver. If you've guessed silver, you're spot on! This year, silver has rallied an impressive 46%, marking it as a significant player in the market.
The Growing Global Silver Deficit
According to the Silver Institute, the global silver deficit is expected to grow by 17% in 2024. This increase is driven by a rise in demand, primarily fueled by robust industrial consumption.
Silver's applications span across various industries, including jewelry, electronics, electric vehicles, and solar panels, as well as for investment purposes.
The Renewable Energy Surge
The surge in solar installations and electric vehicle production is a compelling indicator of increased silver demand. Silver's exceptional conductivity makes it essential in the transition towards renewable energy. The demand for silver in the solar industry has seen substantial growth, from accounting for around 14% of total demand by the end of 2023.
Challenges in Boosting Silver Supply
Boosting the supply of silver is not easy due to the limited availability of primary silver mines. Around 80% of silver supply comes as a by-product from lead, zinc, copper, and gold projects. This reliance on by-product mining raises concerns about future shortages
Silver's critical role in various industries, coupled with its growing demand and limited supply, makes it a compelling investment. The market dynamics suggest that silver is not just a valuable commodity but an undervalued one with significant growth potential. Stay informed and consider the potential of silver in your investment strategy.
SILVER (XAG/USD)
The price on the chart has traded through multiple technical levels and some observations included:
- The price of Silver rallied from $22.00 to $32.00 this year already.
- Supply issues could fuel an already hot market, with resistance levels of $32-$48 still untested between 2011-2012.
- The daily chart shows silver prices finding support around $30, this could be a useful level for buyers if price were to revisit it.
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