This week, we welcomed Michael DiRienzo, Executive Director at The Silver Institute and Philip Newman, Managing Director and Partner at Metals Focus.
Philip provided an update on the Silver Market Interim Report: in summary he expects silver will see its fifth consecutive surplus in 2020 of 31.5moz,versus 26moz in 2019, but this will be comfortably absorbed by investors. Metals Focus remain positive on silver’s (and gold’s) outlook; despite optimism on a COVID vaccination, the macro backdrop is supportive for precious metals, the lows should be well defended. He expects silver to eclipse $30/oz in 2021.
Michael talked about some new and growing uses of silver. Silver will play a critical role in 5G technology, with expectations that this could consume 23moz by 2030 (up more than 200% from today). Michael also touched about silver’s use in batteries, in wearable sensors, and in PPE.
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Precious Metals Market Update
This webinar tied in with LBMA’s launch of our 2021 Precious Metals Forecast Survey. Double-digit price rises are forecasted for all four metals against 2020 actual average prices, but only modest gains are expected from early January 2021 levels.
LBMA 2021 Price Forecast Review
Our panelists discuss the key factors underpinning their LBMA Price Forecasts, analysed what prompted prices to drop, and whether they would change their forecasts based on what they know now.
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