#XAGUSD @ 21.451 Silver Price Analysis: Substantial upside potential for – Commerzbank
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The Silver Institute and Metals Focus published new figures showing supply and demand in the global Silver market a week ago. Accordingly, strategists at Commerzbank expect the precious metals to enjoy a substantial up move.
“Silver demand is set to surge to a record 1.21 billion ounces (37,600 tons) this year. This constitutes a very solid 16% year-on-year increase.”
“For the silver ETFs, which do not count towards physical demand, the Silver Institute and Metals Focus anticipate outflows of 110 million ounces. By contrast, Silver supply is set to grow by only 2% to 1.017 billion ounces (31,600 tons). The Silver market is therefore expected to show a physical supply deficit of 194 million ounces (6,000 tons).”
“The performance of the Silver price does not adequately reflect these figures, as it has fallen by just shy of 8% since the beginning of the year. We therefore envisage substantial upside potential for Silver.”
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