Looks like it.
Let’s list some facts:
A fresh survey published by The Silver Institute predicts a 33% climb in silver prices in 2021 to an average annual price of $27.30 per ounce.
And it seems like some investors are already preparing to profit from the potential price increase:
- A precious metals dealer from Singapore is building a vault capable of storing 15,000 tons of silver.
- The London Bullion Market Association (LBMA) said that, as of the end of March, a record stock of silver was stored in London vaults, representing an 11% percent increase from the previous month, or approximately 1,259,310 silver bars.
Will the silver frenzy strike again? We don’t have a crystal ball to say so. 🔮
But in a recent joint report with Metal Focus, The Silver Institute made a worrying observation about the silver frenzy from earlier this year:
“Had demand in iShares [Editor’s note: here, paper silver] continued at the frenetic rate of late-January/early February it would only have been a matter of weeks before London’s existing stock was used up. […] Given that most of this metal was allocated in London, fears emerged as to whether there was enough silver should demand continue at this pace.”