GRSL:CC - Top 5 Canadian Silver Stocks of 2024

2024-04-29 16:50:00 ET

Silver demand is forecast to reach its second highest level in 2024 at 1.2 billion ounces, driven by industrial segments including photovoltaics and electric vehicles.

The high demand is coming alongside flat production growth and is creating a situation that would seemingly be ripe for a price breakout. However, the first months of the year saw the white metal trading in the US$22 per ounce to US$24 per ounce range.

The end of February saw a shift in the market and the price of silver started to make significant gains. With a contraction of US manufacturing and the belief of a June rate cut from the Federal Reserve seeming more likely silver saw gains from precious metals investors and reached a quarterly high of US$25.71 on March 20 before going on to set an 11-year high of US$28.85 on April 14.

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