🔥🔥🔥 #MiningCompany CEO Claims Silver Deficit Is Growing, Institutions Might Drive Prices Higher
Silver Prices Set to Surge with Institutional Entry
As gold prices climb, silver has also captured the attention of retail investors. Keith Neumeyer, CEO of First Majestic Silver, a Canadian mining company, discussed the current silver market and its potential value, suggesting that prices should be around $70 per ounce. In a recent interview, Neumeyer highlighted a looming deficit of approximately 240 million ounces in the silver market, which could lead to a supply crunch.
Neumeyer noted:
"The mining sector only produces 850 million ounces a year. With a 240 million deficit, it's no surprise we have $30 silver—it should probably be $50, $60, or $70."
Neumeyer attributes the lag in silver prices to two main factors. First, he points to price manipulation by traders who view silver and other commodities merely as numbers on a screen. These traders react to breakouts as buy or sell signals without considering silver's intrinsic value for industrial use.
The second factor is the lack of institutional interest and investment in silver. Neumeyer emphasized that while retail investors are active, institutional support is missing. "These big institutions should be supporting this sector for extractive purposes because we need these metals. Yet they're absent from this market," he stressed.
Other analysts also predict a rise in silver prices. #Peterschiff recently stated that $50 could soon be the floor for silver prices, citing its strong performance and potential for further gains.
Source - news.bitcoin.com
