Silver mines will likely be bought by automakers like Tesla, silver to $125 per ounce - Keith Neumeyer Silvermines KeithNeumeyer BMOconference
- Automotive companies like Tesla could soon purchase silver mines, as they seek to control supply over critical metals required for electric vehicles. That's according to Keith Neumeyer, President and CEO of First Majestic Silver who forecasts that this, combined with other demand-driven factors, will send the price of silver up to $125 per ounce.
Speaking at the BMO Global Metals, Mining, & Critical Minerals Conference with Michelle Makori, Lead Anchor and Editor-in-Chief at Kitco News, Neumeyer observed that 2023 is the first year that car manufacturers have been present at the conference. Some automotive companies have already bought stakes in minerals companies.
Neumeyer forecast that silver could rise to $30 per ounce this year, while his medium to long term prediction is triple-digit silver. He suggested that a slowing economy would dampen the price of silver in the short-term "[The mining sector] is at the mercy of banks, so if [banks] want to move these metals to whatever price they want to move them to, they can do it relatively easily" he claimed."I wouldn't necessarily call it manipulation. I think it's just managing the book."
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