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Supply deficits drive surge in silver

In the past month, silver prices have gone up nearly 20%, eclipsing the S&P 500’s approximate 5% gain over the same period, as well as outpacing other precious metals, including gold (9%), platinum (10%) and palladium (12%).

The silver market was undersupplied by 237.7 million ounces in 2022, the institute said in its latest World Silver Survey, calling this "possibly the most significant deficit on record".

If the US Federal Reserve proceeds to cut interest rates, silver could continue on the current trajectory at least until the end of year

Analysts are already claiming this is “the year” for silver as it latches onto an inflation-fuelled rally to eventually surpass the $30-an-ounce mark that was last seen nine years ago.

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