Silver (SIK24) has been shining bright lately, and commodity analysts at ANZ believe that prices could hit $31 per ounce or higher by the end of 2024. The optimism comes from slower production growth at mines and robust industrial demand, notably from the solar sector, creating a supply squeeze. Plus, stubbornly high inflation and interest rates are boosting silver's status as a safe-haven asset.
Moreover, industry group the Silver Institute now reports that the global silver deficit is expected to increase by 17% to 215.3 million ounces in 2024, driven by a 2% demand rise - mainly due to robust industrial usage - while total supply dips by 1%.
