Michael DiRienzo, Executive Director at The Silver Institute believes that silver prices have plenty of room to rise. However, it will be challenging for demand to match the record levels seen in 2022, when silver demand hit 1.24 billion ounces. Nonetheless, DiRienzo anticipates a 4 percent growth in terms of industrial demand, and 3 percent demand growth from electronics and electrical sectors.
Silver prices have been on the rise in 2023, with a 7 percent increase in the first five months of the year. This upswing in prices is largely attributed to low inventories with the COMEX and London Bullion Market Association.
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