The world is on the verge of facing a severe shortage of silver

According to Fars International Economic Group, the report of the Silver Institute showed that the world is on the verge of facing a severe shortage of silver supply.

This agency, which monitors the silver market in the world, is based in America.

According to this report, which was published on the official website of this institution, it is expected that the demand for silver in the world from industrial consumers, jewelry and home appliance manufacturers and retail investors will increase by 16% by the end of 2022 compared to last year. The past reached an unprecedented record of 1.21 billion ounces.

From this sideIt is expected that the silver market will face a deficit this year for the second year, which will be 194 million ounces, which is 4 times the level observed in 2021 (48 million ounces).

Silver stocks in London and New York repositories tracked by COMEX and the London Bullion Market Association (LBMA) have so far fallen by about 370 million ounces, or 25 percent, according to the report.

The agency noted that one of the main factors driving the demand for silver is the increase in consumption by automakers, who use more electronic components in their vehicles.

Also, other factors affecting the demand for silver in the world are the widespread use of G5 technology and the world’s move towards the use of clean energy. For example, manufacturers panel hoard this metal in large quantities.

Demand in India has doubled this year as consumers took advantage of lower prices to try to replenish stocks that have been depleted in 2020 and 2021.

On the other hand, it is said that the production of silver extracted this year will reach 830 million ounces with a one percent increase compared to last year.

According to the announcement of this institution, from where Several new projects have been activated in Mexico, silver production in this country will increase significantly.

The price of silver decreased by almost 10% this year and reached 21 dollars per ounce, which is largely due to selling by investors in response to the strengthening of the US dollar and the increase in the value of US Treasury bonds.

According to experts’ predictions, the American central bank will continue to increase the interest rate, and this will increase the cost of maintaining precious metals, which are interest-free assets, and this factor and the factors mentioned above will put pressure on the price of silver. will decrease.

Philip NewmanThe director of the Metals Focus investment institute, which collaborated in the preparation of the Silver Institute statistics, said about this report, demand will decrease next year and India will continue to restock until 2023, but at some point in this Action stops.

At the time of publication of this news, the price of silver in the world markets had decreased by 15 cents to $21.05 per ounce, which shows a decrease of 0.71% compared to the previous day.

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