Silver prices have been hovering just below $21 per troy ounce for the past 24 hours, after jumping above the $24 range in mid-January. While modest long-term forecasts call for silver to hit $30 by 2025 and $40 by 2027, Keith Neumeyer, CEO of First Majestic Silver, believes that in the medium to long term, silver could hit $125 per ounce, Thanks to the auto industry.
Keith Neumeyer highlights the role of silver in the growing demand for renewable energy and electric vehicles
The precious metal silver is down more than 12% against the US dollar since mid-January, when it hit $24 a troy ounce. Still, six-month statistics show that an ounce of silver is 14% higher than on September 6, 2022. According to the forecast According to coinpriceforecast.com posted March 6, 2023, the price of silver “will hit $30 in mid-2025 and then $40 in late 2026.”
The prediction also expects silver to rise to “$50 within the year 2028, $60 in 2030, and $75 in 2032.” While that’s modest growth over the next decade, silver advocate and First Majestic Silver CEO, Keith Neumeyerhas a more bullish outlook.
Neumeyer speak with Michelle Makori, Featured Anchor and Editor-in-Chief of Kitco News, at the BMO Global Metals, Mining, & Critical Minerals Conference. The proponent’s 2023 outlook for silver is about $30 an ounce, but his medium-long term outlook is $125 an ounce.
He told Makori that this year was the first year he had noticed automakers at the conference. Neumeyer opined that automakers “are not really aware of the fundamentals of supply and demand for the metal.” He also stressed that Tesla CEO Elon Musk should be watching this space closely.
“I think as they get educated and learn the challenges of the silver industry to supply the automotive sector, they will start to look at this industry much more aggressively… If I were Elon Musk, I would be very active in this area. Neumeyer said.
Neumeyer stressed that money is needed to create solar panels and car batteries, and he believes that consumption will continue to grow. During his conversation with Makori, Neumeyer stated that he has been predicting for a couple of years that silver prices will hit triple digits in the medium to long term, and he believes reaching $125 to $150 an ounce is an expectation. reasonable.
He also believes that the “stars are aligning” for this prediction to come true and that we are closer to it now than we were a couple of years ago. Neumeyer informed the news anchor that the estimated consumption of silver in the solar panel industry is 160 million ounces by 2023. He added that the electric automotive sector is projected to consume just under 100 million ounces of silver.
What do you think about Neumeyer’s silver forecast? Let us know what you think about this topic in the comments section below.
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