This year proved crucial for the precious silver metal as the prices hit an eight-year high on February 1. The reason stated by Georges Lequime, the runner of Earth Gold Fund UI, is that the demand for silver is increasing, and supply is not sufficient to fulfill the request.
According to Mark Burridge, the manager of Bakersteel Global Precious Metals, there can be two reasons: First is the recovery in the broader precious metals sectors. Second is the increasing demand in the green science industrial sector, for example, in photovoltaic cell preparation.
It is an important time for silver miners and producers, and it is expected to see substantial results from silver producers in the coming months, not only for silver but for other metals like gold. There is also a chance to look for alternative metals that can also benefit the same. As silver was undervalued before its vast applications, but now demand is increasing, it can believe that the demand for gold and other metals could also rise. In the market, Lequime added it is the buying time, not selling, and was very positive on silver.