One factor putting the brakes on Silver is presumably the weaker physical demand than last year. This at least is what the Silver Institute, together with Metals Focus, had predicted for this year back in April. 

Having said that, industrial demand should continue to grow to reach a record level. Next week, the institute present its interim report for the Silver market in 2023. If this confirms the forecast of a declining supply deficit in response to weaker demand, we do not expect any significant reaction from the price. 

We certainly anticipate higher prices in the medium term, however, given that Silver should profit from ‘green’ industrial demand.