Silver will outshine gold as demand hits 8-year high

Silver will outshine gold as demand hits 8-year high

LONDON: Global demand for silver will rise to 1. 025 billion ounces in 2021, its highest in eight years, as investors and industry ramp up purchases, the Silver Institute said on Wednesday, predicting that prices would rise. The coronavirus outbreak triggered a rush among investors to stockpile silver, which like gold is traditionally seen as a safe place to store money. That impetus will continue, the institute said, predicting purchases of bars and coins would rise to a six-year high of 257 million ounces in 2021. It did not give a forecast for exchange traded funds (ETFs) storing silver bars for larger investors, but these have grown strongly so far this year, helping push prices to an eight year high of $30. 03 an ounce on Feb. 1. Silver is also used in industries such as electronics and solar panels, and demand will rise as the pandemic is brought under control and the global economy rebounds, the institute said. Industrial demand will rise 9 percent from 2020 to a four-year high of 510 million ounces, it said. Demand for silver for jewellery will rise to 174 million ounces but remain below levels seen before the pandemic. On the supply side,