Unlike gold, silver is also an industrial metal. The downward slide in the silver price should actually stop due to the positive reports on corona vaccines that are just coming. As a result of the pandemic, the need for silver in the industry decreased. If the world soon gets the pandemic under control, especially through vaccinations, then economic output should pick up again and more silver should be demanded again. This does not seem to be taken into account by those who are now turning away from silver.
From a technical chart point of view, the successful breach of US $ 23.30 has now paved the way for silver to rise again to US $ 26.65 per troy ounce. Because this could result in a bottoming out. This in turn would enable prices of up to almost 30 US dollars for silver.
Usually the price of gold pulls the price of silver with it, in both directions. The experts are mostly positive about gold, at least in the medium to long term. And the currently lower gold price also seems to be having an effect. In India, for example, the demand for gold has increased significantly. And increasing demand in Asia would also have a positive effect on the price of silver. As I said, silver has a plus because it is also an industrial metal. From a fundamental point of view, a higher silver price would be owed.
So the motto is to persevere or to get involved in favorable times, for example in silver stocks like MAG Silver or Endavour Silver. MAG Silver (with partner Fresnillo) – https://www.youtube.com/watch?v=Z72z3WXT0OA&t=4s – started production on the Juanicipio project in Mexico. An average of 11.7 million ounces of silver and 43,500 ounces of gold are expected annually. The material will still be processed at Fresnillo until the Juanicipio processing plant goes into operation around mid-2021.
Endeavor Silver – https://www.youtube.com/watch?v=uopN-WrxPGU&t=116s – can look forward to a very successful third quarter of its three producing silver mines in Mexico. Other projects are on the Endeavor Silver screen. The Terronera project, for which neighboring concessions have just been acquired, is advanced.
Current company information and press releases from MAG Silver (- https://www.resource-capital.ch/de/unternehmen/mag-silver-corp/ -) and Endeavor Silver (- https://www.resource-capital.ch/de/unternehmen/endeavor-silver-corp/ -).
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