SMM7, March 30: recently, Michael DiRienzo, executive director of the (Silver Institute) of the World Silver Association, said that silver mineral production in Latin America is expected to decline by 13% this year, and global supply will be reduced by 7.2%.
The association believes that although the current market shortage is small, it is the first time in five years.
Continued disruptions in mines have pushed up the price of silver, which has soared more than 30 per cent in the past month, making it one of the best-performing metals. Affected by the epidemic, mines in Peru and Mexico were closed at the beginning of this year, accounting for almost 40% of the world's supply. Although most industries are recovering, some mines have had to close again with the surge in Covid-19 cases.
Baiyin recorded its biggest monthly increase since 1980, and strong demand was also an important factor in addition to the decline in supply. On the one hand, investors are using it as a safe haven; on the other hand, industrial demand for metals is gradually recovering in some parts of the world.
Like gold, silver is seen as a safe haven and has a wide range of industrial uses in products such as solar panels.
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