Commodities Analysis by Investing.com (Damian Nowiszewski) covering: XAG/USD, Silver Futures. Read Investing.com (Damian Nowiszewski)'s latest article on Investing.com
Increasing demand in electronics and renewable energy sectors and geopolitical tensions have propelled silver toward 2021 peaks
These factors suggest that the current surge in demand may be part of a broader uptrend that could eventually break through 2021 highs.The Silver Institute predicts global silver demand to reach 1.2 billion ounces this year, outpacing the supply of 1.02 billion ounces, resulting in another deficit year.
On the supply side, Mexico holds the largest share of the global market, followed by China and Peru. Although the supply may see a slight increase in the coming years, it is unlikely to keep pace with accelerating demand.lean towards interest rate cuts later in the year, the FOMC members' hawkish stance and strong US economic data have sparked uncertainty..Silver bulls are currently driving the rally after it broke through a key resistance level of around $26 per ounce.
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