Worldwide silver demand is expected to rise 1 percent owing to a projected record high in industrial demand and a turnaround in jewelry and silverware offtake.
The accuracy of publicly available silver inventory statistics is questionable. Should the deficit between output and consumption persist, it is hard to see how the silver price won’t climb.
A move above $30 per ounce would represent a massive technical breakout. The metal hasn’t been able to climb above $30 since prices broke down in 2013.
Gold fell then bounced back and silver leaped. Silver still needs to take out $24, $25 and once above $26 we will have a confirmed low and will be most likely headed to $30.
