The recent performance of US dollar and Treasury yields has put pressure on the entire precious metals market, with gold and silver prices depressed. However, the latest report from Bank of America (Bank of America) believes that the silver market will be boosted by demand from industrial manufacturing.
The report expects the average price of silver to be $29.29 an ounce this year.
Silver prices have come under heavy pressure recently, below the 200-day moving average, below $25 an ounce.
The report points out that there is expected to be a supply shortage of 281 million ounces in the entire silver market, a significant improvement from last year's shortage of 4 billion ounces.
"supply will increase this year, but it is still far from its peak."
Against the backdrop of the global economic recovery from the epidemic, demand for industrial manufacturing is expected to be a key factor in the silver market this year.
The bank expects silver demand to increase by 9 per cent this year, with two key components, one for recyclable energy and the other for car manufacturing.
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