If you emphasize that the main application of silver is industry, it becomes clear that in the long run it is worth focusing on macrostatistics for industrial production in the United States and China, at a minimum. Such statistics from the United States were just published. Industrial production in August increased by 0.4% mom after growing by 0.8% in July. Production facilities in the States are now loaded at just over 76%. It’s a little bit. In China, industrial production in July – this is the most recent data – increased by 5.3% years. On average, the year is expected to rise by 5.5-6.5%.
Silver, by the way, is actively used in soldering contact conductors. Therefore, as soon as the semiconductor market in the world returns to normal levels of output and eliminates supply shortages, silver prices will be higher due to sustained demand and on this side too.
With the recovery of global economies, the return of demand and the stabilization of production, the need for raw materials will be greater. This applies to silver, too. In this light, the benchmark by the end of the year – $26-26, for the first half of 2022 – $25-28.50, in the future of the year – $30.00.