Silver Report 2022 Everything you need to know about the precious metal silver!
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Silver Report 2022 Everything you need to know about the precious metal silver!
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sources, Endeavour Silver, First Majestic Silver, ment advice. In spite of careful research, neither the tially result from use of the information for one’s for example additional payment liabilities. Any liabi- insurance coverage or the failure to receive insuran-
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2 3
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44 5
Table of Contents Imprint
EVEN IF WE
DISCOVER
NEW WORLDS.
Editor
Disclaimer 02 Swiss Resource Capital AG
Poststr. 1
Table of Contents | Imprint 07 9100 Herisau, Schweiz
Tel : +41 71 354 8501
Preface09 Fax : +41 71 560 4271
info@resource-capital.ch
Silver: Physical investments, the budding electric boom and the www.resource-capital.ch
expansion of renewable energies lead to a high supply deficit!.........................10
Editorial staff
Expert-Interview with Prof. Dr. Torsten Dennin Jochen Staiger
CIO Asset Management Switzerland AG��������������������������������������������������������� 16 Tim Rödel
THE FUTURE Expert interview with Christian Brenner, Managing Director
and Chairman of the Board philoro SCHWEIZ AG
Layout/Design
Frauke Deutsch
IS GOLD.
Precious metals remain indispensable for storing value���������������������������������� 20
All rights reserved. Reprinting
material by copying in electronic
form is not permitted.
Company profiles Editorial Deadline 04/01/2022
Cover: VladKKp, shutterstock.com
Eloro Resources ���������������������������������������������������������������������������������������������� 22 page 14: Walter Freudling, Pixabay
page 21: philoro
Endeavour Silver���������������������������������������������������������������������������������������������� 26 page 46: AdobeStock_126054156
First Majestic Silver������������������������������������������������������������������������������������������ 30 Unless otherwise indicated, all images and
graphics have been provided by the
MAG Silver������������������������������������������������������������������������������������������������������� 34 companies
Reyna Silver������������������������������������������������������������������������������������������������������ 39 Back
1: MAG Silver
Sierra Madre Gold & Silver������������������������������������������������������������������������������� 43 2: First Majetic
3: adobestock.com
Vizsla Silver������������������������������������������������������������������������������������������������������ 47 4: shutterstock.com
Charts: 04/16/2022
JS Charts by amCharts
6 7
philoro.ch
Preface
The whole world of
commodities in one App:
Dear Readers,
Commodity-TV We started our special report series (which
also includes a precious metal report, a bat-
tery metals report and a uranium report) in
sively about the most diverse commodities
and mining companies. On our website
www.resource-capital.ch you will find more
2016 with a silver report, and in this issue, we than 35 companies and a lot of information
are once again presenting you with a wealth and articles about commodities.
of information on what will probably be the
most important metal of the coming deca- We would like to give you the necessary
des. Because silver is finding more and more insights and inform you comprehensively
applications. Especially the boom markets through our special reports. In addition, Jochen Staiger is founder and CEO
photovoltaics, electromobility and 5G will our two commodity IP-TV channels www. of Swiss Resource Capital AG,
play an increasingly decisive role in the co- Commodity-TV.net & www.Rohstoff-TV.net located in Herisau, Switzerland. As
ming years. These sectors are already sho- are always available to you free of charge. chief-editor and founder of the first
wing signs of enormous growth in demand For on the go, we recommend our new Com- two resource IP-TV-channels
for silver, which will not be covered by the modity TV App for iPhone and Android, which Commodity-TV and its German
current mines. provides you with real-time charts, quotes counterpart Rohstoff-TV, he reports
and also the latest videos. about companies, experts, fund
However, the non-industrial sector also re- managers and various themes
corded inflows into ETFs during the Corona My team and I hope you enjoy reading the around the international mining
pandemic that were never thought possible Special Report Precious Metals and hope to business and the correspondent
and thus took a lot of physical silver off the provide you with a lot of new information, im- metals.
market. This even came close to offsetting pressions and ideas.
the Corona-induced dip in demand from the
industrial sector. In the face of ever-expan-
ding money supply growth, silver will certain- Yours, Jochen Staiger
ly continue to see high demand from the in-
vestment sector in the coming years. Nevert-
heless, demand growth, especially from the
industrial sector, can be expected in the fu-
ture. The photovoltaic sector, the automotive
sector and the 5G transformation in particu-
lar will see their demand for silver grow
strongly in the coming years.
Moreover, a highly manipulated silver futures Tim Rödel is Manager Newsletter,
market could become highly distressed in Threads & Special Reports at SRC
the foreseeable future when it comes to ha- AG. He has been active in the
ving to cover physical supplies. commodities sector for more than
15 years and accompanied
In this silver report, we will introduce you to several chief-editor positions, e.g. at
• CEO and expert interviews some interesting companies that are suitable Rohstoff-Spiegel, Rohstoff-Woche,
Free download here: for speculation on rising silver prices. We Rohstoffraketen, the publications
• Site-Visit-Videos also want to give you the necessary basic Wahrer Wohlstand and First Mover.
knowledge by means of our general part, so He owns an enormous commodity
• Reports from trade shows and conferences around the world that you can make your own decisions. expertise and a wide-spread
network within the whole resource
• Up-to-date mining information
Swiss Resource Capital AG has made it its sector.
• Commodity TV, Rohstoff-TV and Dukascopy TV created by business to inform commodity investors,
interested parties and those who would like
• Real-time charts and much more! to become one, up-to-date and comprehen-
9
Swiss Resource Capital AG | Poststrasse 1 | 9100 Herisau | Schweiz | www.resource-capital.ch | info@resource-capital.ch
Silver:
Physical investments, the budding electric boom
and the expansion of renewable energies lead to a
high supply deficit!
The „hybrid metal“ benefits from Physical silver offered more than The element silver Main applications:
several increases in demand at 10% return per year Electronics, alloys, photography,
the same time Silver is a chemical element with the element pharma/medicine
No wonder, since physical silver generated symbol Ag and the atomic number 47 and
Whereas silver‘s „big brother“ gold is mainly an average annual return of almost 11% in belongs to the so-called transition metals, to Its top values in important properties (highest
used as an investment, to preserve value and euros in the years 2009 to 2021 alone. In which the precious metals also belong. From electrical conductivity of all metals, high ther-
in the form of jewelry (less than 10% of annual US$, the increase in value was still 9.5% - a purely chemical point of view, precious me- mal conductivity and pronounced optical re-
gold demand comes from industry), silver has per year, mind you! In view of the fact that in tals are metals which are corrosion-resistant, flectivity) make silver indispensable above all
a kind of „hybrid function“. This means that 2020 alone there was a supply deficit of 250 i.e. which are permanently chemically stable in the fields of electrics (photovoltaics), elec-
most recently around 50% of total silver de- million ounces, the question arises as to why in a natural environment under the influence tronics (electromobility) and optics or photo-
mand came from industry (including photo- the silver price did not fully explode with this. of air and water. graphy. In addition, there are applications as
graphy), while the remainder was mainly de- The answer is simple: it was artificially de- silver alloys (with copper, zinc, tin, nickel, in-
manded by the investor side in the form of pressed by means of paper contracts on the dium), which are used in electrical enginee-
[Kr] 4d105s1 47
Ag
bars and coins and by the jewelry industry. COMEX futures exchange! How long this can ring and soldering technology as soldering
Almost all relevant demanders increased their be practiced in view of the real (opposite) de- alloys (so-called hard soldering), contact ma-
demand for the silvery metal last year. First velopment - both on the supply and on the terials (especially in relays) and conductive
and foremost, the investment sector, which demand side, depends above all on the ex- materials (for example as capacitor coatings).
grew above all thanks to high growth in phy- tent to which larger contract quantities must Since silver has antibacterial and antiviral ef-
Melting Point 961,78° C
sically deposited exchange traded products be physically delivered in the future. Big play- Boiling Point 2210°C fects, it is already considered a potential sa-
(ETPs), which are becoming increasingly po- ers such as Canadian commodity mogul Eric vior in medical and pharmacological applica-
pular and have recorded a total of around 560 Sprott have recently positioned themselves
SILVER tions of the future.
million ounces in net inflows over the past strongly and bought massively into silver mi-
three years. To put this in perspective: This nes.
represents about two-thirds of the total an- Silver is a soft, easily malleable heavy metal
nual production in 2021! At the same time, with unique properties, such as the highest Supply situation
there is more and more demand from (future) Industrial demand is really picking electrical conductivity of all elements and the
up now! highest thermal conductivity of all metals. It Silver production recovers after
is precisely these properties that make it an 2020
According to „The Silver Institute“, just over indispensable metal in industrial applica-
50% of all silver demanded in 2021 went to tions. The metal is finding its way into more According to „The Silver Institute“, global sil-
industry (including photography). Due to the and more high-tech areas such as photovol- ver production reached its all-time high of
boom on the investor side, the share of silver taics or the electric car, but also in medical around 899 million ounces in 2016. Since
demanded by industry fell, but could still applications, which are experiencing an im- then, annual silver production has fallen
remain above the 50% mark. However, it is mense technological boost right now during steadily to 835 million ounces in 2019. In the
clear that a real explosion in demand can be the Corona crisis. exceptional year 2020, global silver produc
expected in the future, especially from indus- tion slumped to just 779 million ounces due
try. The energy sector in particular will play a But silver is much more than that: unlike to Corona, falling below the 800-million-oun-
dominant role. In particular, the use in more gold, it is sometimes bonded for many years ce mark for the first time since 2012. 2021
and more components of more and more in appropriate applications (e.g. photovoltaic saw an increase from an exceedingly low le-
electric vehicles, in photovoltaic systems (in- panels), with the sheer volume of potential vel to 828 million ounces, which was, how
stalled over several decades), but also in 5G applications growing steadily as technology ever, below the level of the last pre-Corona
Silverpricechart, one year boom sectors such as electromobility and networks and in the medical sector, will advances. year 2019. For 2022, experts from „The Silver
(Source: JS Charts by amCharts) photovoltaics. Silver is therefore clearly beco- cause industrial demand to rise sharply in the Institute“ expect production to increase to
ming one of the metals most in demand in the coming decade. This is made possible by the In addition to being an industrial metal, silver around 890 million ounces. This develop-
current decade, although production has not special properties of silver, which will be dis- is also an investment object (hence the term ment will be supported primarily by higher
been able to keep pace for a long time and cussed in more detail below. „hybrid metal“). Like gold, it is basically mo- production from primary silver mines.
there has de facto been an increasingly large ney and serves to preserve value. It can also
supply deficit on the silver market for three be seen as a kind of hedge against progres- With an annual production of around 178 mil-
years. sive inflation. lion ounces, Mexico ranks first among the
10 11
producing nations, followed by Peru (110 in the coming years, which means that silver ably to around 1,029 million ounces. Overall,
million ounces) and China (109 million oun- volumes are likely to decline. Furthermore, demand for silver increased in all key sectors
ces). These three countries are thus together there is still an investment backlog which has in 2021, which even short-term negative ef-
responsible for around 50% of global silver accumulated in the past years due to the fects such as the chip shortage, which has
production. weak price development. Corresponding mi- still not been completely overcome, could not
ning projects have been put on hold and only change.
insufficiently developed. As a result, these
Silver is mainly extracted as a projects are likely to be brought into producti-
by-product on only after a long delay. Demand from jewelry sector and
industry record increases and (Source: own representation)
Only about a quarter of the annual silver pro- record levels, respectively
duction comes from mines in which silver is Recycling share rises marginally therefore working to rapidly expand their
the primary raw material. Most of it comes from low level and cannot com- Physical silver investments recorded the green energy projects. Experts predict that
from mines where silver is only a by-product, pensate for lack of supply strongest increase in demand in 2021 with demand from the photovoltaic sector could
i.e. mainly from zinc/lead mines, but also from 263 million ounces (+32%), followed by silver- increase to as much as 150 million ounces
copper and gold mines. Silver recycling fell since 2011 from 233 milli- ware with +25% and the jewelry industry with per year by 2025. Importantly, this means that
on ounces to just 164.5 million ounces by +18%. Demand from the industrial sector more and more silver will be tied up in corres-
2016. Since then, the recycling sector has (excluding photography) increased by 8% to a ponding solar modules for several decades!
Base and precious metal prices been able to make some gains again, increa- record high of 524 million ounces. Additional demand is coming from the auto-
influence silver production in both sing its supply to 192 million ounces of silver motive sector. Silver is increasingly being
directions by 2021. For 2022, a minimal increase of 3% used in a wide range of electronic compo-
to around 198 million ounces is expected Demand will also increase in 2022 nents, the sheer number of which is greatly
For many years, this heavy dependence pri- here. This means that the existing supply de- increased in electric vehicles - compared to
marily on base metals such as lead, zinc and ficit will not be offset by the recycling sector For 2022, „The Silver Institute“ expects a vehicles with internal combustion engines. A
copper meant that weak base and precious in 2022 either. further increase in silver demand to 1,112 mil- fully equipped car may have more than 50
metal prices and the associated closure of lion ounces. Due to steadily increasing silver silver-tipped switches to activate such things
mines or at least reduction in the correspon- applications and improved economic condi- as the engine, power steering, brakes,
ding base metal production also had a nega- Silver supply rising overall tions, demand from industry is forecast to rise windows, mirrors, locks and other electrical
tive impact on the production of silver as a by 5% and for physical silver investments accessories. In addition, silver is considered
by-product. In recent years, price declines - Overall, global silver supply in 2021 (including (silver bars and coins) by 13%. Demand for an important conductor in battery packs and
above all for copper, but also for lead - have recycling) recorded an increase of around 5% jewelry and silverware is expected to increase solar panels for car roofs. 52 million ounces
caused silver production to fall. A recent in- or 50 million ounces to 1,022 million ounces by around 10% and around 20%, respecti- were demanded by the automotive sector
crease in base and precious metal prices will from an extremely low level. Silver production vely, in 2022. In the jewelry sector in particu- alone in 2021. In 2010, there were just 10 mil-
Silver supply (blue) and lead to an increase in supply from secondary (excluding recycling) increased by 6%, recy- lar, India, the largest demand driver, continu- lion ounces, and about one million in 2000.
silver demand (gray) mines in the short term, but several medium cling by 5%. For 2022, „The Silver Institute“ es to have Corona-related high catch-up po- By 2025, leading silver producers such as
(Source: own representation) to large zinc/lead mines are expected to close expects total silver supply to increase by 7% tential. First Majestic Silver expect demand to rise to (Source: own representation)
to 1,092 million ounces.
Photovoltaic and automotive
Demand situation sectors record rapid growth in
demand – 5G sector on the rise
Silver demand rises strongly even Since 2011, the photovoltaic sector has played
without ETPs a weighty role in silver demand. This doubled
within 10 years to 101 million ounces by 2020,
Total silver demand (excluding ETPs) reached with an increase in this sector even in the cri-
a record high of around 1,070 million ounces sis year 2020 compared with the previous
in 2013 and fell from an extremely high level year. In 2021, demand from the photovoltaic
to around 993 million ounces by 2019. In sector increased again to just under 109 milli-
2020, there was a Corona-related slump of on ounces. Several governments at once
around 100 million ounces to 892 million oun- need and want to implement the carbon neu-
ces. In 2021 demand increased again notice- trality commitments they have made and are
12 13
over 80 million ounces per year. Just emer- 2019 to 2020. In 2021, there was a further in- well as a significant recovery of the global It is therefore precisely its hybrid function
ging is demand from the 5G sector. Some of crease to around 260 million ounces. economy and the gradual resolution of sup- that is likely to drive silver to ever new de-
the key components needed for 5G deploy- ply chain problems. The supply side has also mand and price levels in the coming years.
ment include base stations, home devices (to Global silver ETPs, which saw outflows of 21 seen a recent upturn, which is not surprising On the one hand, there is a good chance of a
replace wireless broadband), 5G smartpho- million ounces in 2018, already saw net in- after an exceedingly weak 2020. However, strong expansion of demand due to an ex-
nes, 5G antennas, radio frequency front-end flows of 83 million ounces in 2019. In 2020, the highs of past years could not be reached pected economic upswing (and especially
module components, and optical transcei- net inflows really exploded to 331 million oun- again. Most primary silver producers focused from (future) high-tech boom sectors) and,
vers. Despite all this, the increase in silver ces. In 2021, there was a decline in net in- primarily on reducing mining prices in recent on the other hand, there is also a continuing
demand from the 5G revolution will not be flows, but they still accounted for about 150 years due to a persistent bear market in silver high demand from the investment sector, as
driven so much by the direct introduction of million ounces of silver. According to „The prices. Particular savings were made in ex- many investors want to protect their savings
5G-enabled hardware but will manifest itself Silver Institute“, physical silver investments ploration, which resulted in very few major from increasing currency devaluation and will
primarily through an expanded range of ca- are likely to show another double-digit increa- deposits being discovered in recent years. invest in silver.
pabilities in which silver can play a significant se in 2022 and reach a seven-year high. Price weaknesses for several base metals
role. This new 5G-enabled ecosystem will meant that the development of mines produ-
create additional demand for semiconductor cing silver as a by-product was initially put
ICs/chips, memory, passive components, Summary: on hold. The high silver prices, mainly from
cabling, power distribution, IoT devices, and Corona recovery has triggered a 2010 to 2012, ensured that mines were also
MEMS sensors, all of which use silver pro- silver boom commissioned which had all-in costs of over
ducts similar to those in the semiconductor US$20 per ounce. These quickly became un-
segment. For years, there was an oversupply in the sil- profitable after 2012. Instead of closing them,
ver sector, which – thanks to increased in- however, the companies have since tried to
flows into silver-backed silver ETPs – turned drive down costs. This left little time and
Production in metric tons
Demand for physical silver contin back into a supply deficit of 53 million oun- even less money for elaborate exploration
ues to rise – inflows into silver ces from 2019. In 2020, including ETPs, a and development programs. In the mean
ETPs will continue to play a major supply deficit of 251 million ounces was re- time, the vast majority of companies have
role! corded, and in 2021 a supply deficit of around been able to reduce their costs to a tolerable
150 million ounces. All in all, global silver and, for the most part, profitable level. Most
Demand for physical silver continued to grow demand has recently picked up again signifi- recently, many silver miners were able to
in 2020, despite or perhaps because of Coro- cantly. The main reason for this, apart from post tidy profits, which made it possible for
na and its (economic) consequences. De- physical investments, is India‘s continuing some of them (including First Majestic Silver)
mand for coins and bars, for example, rose by hunger for jewelry (many weddings have to even keep mined silver in stock and wait
around 16 million to 199 million ounces from been postponed from 2020 to 2021/2022) as for a higher silver price to sell.
(Source: own representation)
The best silver stocks promise
multiplication potential!
In contrast, the corresponding stocks are still
strongly undervalued compared to the major
(standard) indices. We have taken this as an
opportunity to present some promising silver
companies to you in the following. In doing
so, we focus primarily on development com-
panies with extremely promising projects and
on already producing mining companies with
established and profitable deposits.
(Source: Walter Freudling Pixabay)
14 15
Interview with Prof. Dr. Torsten Dennin –
CIO Asset Management Switzerland AG
Prof. Dr. Dennin, the silver price has recent- I am pleased that „From Tulips to Bitcoins“ metal as well as industrial metal. Wrongly so, As „safe havens“ for investors, gold and sil-
ly been rather volatile and directionless. has a broad appeal and has now been trans- because silver is an all-rounder and in- ver are benefiting indirectly from this conflict.
What do you think was the reason for that? lated into seven languages. The unifying dispensable in industry and electrical en- Since February 24, the prices of the two pre-
theme is speculation and financial bubbles: gineering. Silver plays an important role in cious metals have risen noticeably, while ner-
Gold and silver went through a consolidation The tulip mania in Holland in the 17th century the energy turnaround, because the photo- vousness on the stock market has increased.
phase last year, which was due to the good was considered the biggest bubble in the voltaic industry demands more than 100 mil- On the other hand, the war in Ukraine and the
economic situation in the stock markets des- financial markets for almost 400 years, until lion ounces of silver worldwide. That is more sanctions against Russia enforced by the
pite the rising inflation figures. Corona and the the Bitcoin bubble burst in 2017/2018. than 10% of the annual mine production. West directly affect a large number of com-
economic costs and losses associated with And silver will also play a significant role in modities, namely crude oil and natural gas,
Prof. Dr. Torsten Dennin is Head of the pandemic notwithstanding, stock prices the production of superconductors and RFID palladium, nickel and wheat. What many
Asset Management and Member of rose across the board in 2021. In this exu- chips, important for the Internet of Things. don‘t realize is that Russia is the world‘s lar-
the Board of Directors of Asset berance, which manifested itself in blooms gest wheat exporter and Ukraine ranks fifth Torsten Dennin
Management Switzerland AG. Since such as meme stocks like GameStopp and As a consequence of rising industrial de- after Canada, the U.S. and France. And Afrika – Kontinent der Chancen
2003, Prof. Dr. Dennin has been AMC, silver also briefly came under the scruti- mand, the Silver Institute sees a supply defi- higher energy prices in turn fuel the price Börsenbuchverlag, April 2013
analyzing the international financial ny of Reddit and WallStreetBets. A correction cit on the silver market in 2021 for the first development of other commodities and fuel
markets with a focus on was not long in coming as a result. Torsten Dennin time since 2015, i.e., a situation where de- inflation.
commodities as well as the equity From Tulips To Bitcoins mand significantly exceeds silver production.
sectors Oil&Gas and Metals&Mining. However, the price of silver has been rising Greenleaf Publishing The last major commodity booms in history
Dr. Dennin studied economics at the for a few months, even if there are temporary May 2019, were always driven by oil prices and led to
University of Cologne, Germany, and setbacks. The $22 mark has established its- ISBN 9781632992277 Inflows into physically backed ETPs/ETFs rising inflation figures: the oil price shock in
at Pennsylvania State University, elf as a new technical support, so that the have been steadily reaching record levels the 1970s, the Gulf War in the 1990s, and the
USA, and received his PhD in times of silver prices of $15-$18 should final- The systematic of most bubbles is always the since 2020. In your opinion, is this just a commodity supercycle of the 2000s. I descri-
commodity markets from the ly be over. This lets not least the operators of same, because irrational exaggerations are temporary trend or is it set to continue? be this with more background in my recent
Schumpeter School of Business and silver mines breathe a sigh of relief. Silver part of our free-market economic system, book, „From Tulips to Bitcoins.“
Economics. As a professor of mine production has been able to make up and when a bubble bursts, it becomes very Physical holdings of silver remained stable at
economics, he teaches at several for the initial shortfalls caused by COVID-19 uncomfortable in the financial markets. Cur- a high level near their all-time highs at Another episode from „From Tulips to Bit-
universities in Germany and in 2020, so that mine production in 2021 will rently, we are living in a debt bubble, fed by year-end 2021. Gold and silver are also rising coins“ is the biggest speculative bubble of
Switzerland. Torsten Dennin is the rise again to over 1,000 million troy ounces. the money creation of the central banks to again in investors‘ favor with the market cor- the silver market: fearing to lose their wealth Torsten Dennin
author of several books. His latest And in 2022, we can expect further growth in finance the government‘s Corona bailouts, rection on the stock market, and at the latest gained from crude oil due to rising inflation, Lukrative Rohstoffmärkte
book, From Tulips to Bitcoins, is production due to production increases at economic stimulus and the green energy with the outbreak of the war between Russia the Hunt brothers started investing their mo- FinanzBuch Verlag, 2. Auflage,
published worldwide in seven existing mines in Mexico and Peru and the transition. In this capital market environment, and Ukraine. Therefore, with the data of the ney in silver. The price of silver rose from un- Oktober 2011
languages. Torsten is married and commissioning of new mines. However, pro- real assets such as commodities, gold and first quarter of 2022, we expect a further in- der $2 in 1973 to over $50 in January 1980,
lives with his wife and daughter in duction growth is expected to lag demand silver are playing an increasingly important crease in investment demand, both for coins finally collapsing on March 27, 1980 („Silver
Switzerland. growth. Therefore, the industry organization role. Precious metals such as gold and silver and bars as well as for physical silver funds. Thursday“). After the crash, the price of silver
Silver Institute forecasts an average price of also have a long tradition as crisis currencies The already slight increase in investment de- fell to below US$5 per troy ounce and re-
$25 for the troy ounce of silver in 2022, which and can help to safeguard assets, even in un- mand, together with higher demand from the mained at that price level for over 20 years.
is significantly above the average of the pre- certain times. industry, has already led to a slight market The trauma of this failed silver speculation
vious year. deficit of 7 million ounces in the silver mar- continues to reverberate to this day.
ket. Remarkable against this background are
Along with copper, silver is considered by the jump in imports from India in the fourth
Your current book „From Tulips to Bitcoins“ experts to be THE metal of the future. What quarter of 2021. This market deficit of the So the issue of inflation is much more im-
is an international bestseller. And in your are the reasons for this? previous year could still widen to more than portant for precious metals like silver than
books „Lukrative Rohstoffmärkte – Ein 20 million ounces in 2022, which should po- the current conflict between Russia and
Blick hinter die Kulissen“ and „Afrika. Kon- Among experts, copper is considered the sitively influence the silver price. Ukraine?
tinent der Chancen“, you repeatedly ad- metal of electrification and e-mobility, and
dress the topic of commodities, gold and lithium currently irreplaceable in the field of An investment in gold and silver has never
silver. What is it about the commodity mar- commercial battery technology. Silver, on the Is the Russia-Ukraine crisis also playing a seemed as attractive as it does today: low
kets that fascinates you so much? other hand, is often overlooked due to its bigger role in silver? interest rates, a printing press running at high
dual character, precious and thus investment pressure, persistently high inflation and a
16 17
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