Institutional Demand Could Spark Silver Price Surge, CEO Reports Deficit Increase
Keith Neumeyer, CEO of First Majestic Silver, highlights a significant silver production deficit in the current precious metals market.
Despite retail investor interest, Neumeyer emphasizes the need for institutional investment to support industrial demand. He notes a 240 million ounce shortfall in silver production, with only 850 million ounces produced annually, suggesting silver prices should be around $70 per ounce.
Neumeyer attributes the price lag to market manipulation and lack of institutional involvement. Other analysts, like Peter Schiff, predict rising silver prices, potentially setting $50 as the new floor.
Clever Robot News Desk 17th July 2024
