Silver Analysis 15-July-2024
Silver prices stayed around $30.9 per ounce on Monday, with little change in reaction to mixed economic data from China. The data showed China’s economy grew by 4.7% year-on-year in the second quarter, a slowdown from 5.3% in the first quarter and below the 5.1% forecast.
Silver Analysis 15-July-2024
China’s retail sales in June rose less than expected, but industrial production surpassed expectations. Investors are now focused on the upcoming Third Plenum, where top Chinese officials discuss reforms and modernization plans.
In other news, an assassination attempt on former US President Donald Trump led to a rise in the dollar and bitcoin, putting pressure on commodity prices. Analysts predict that silver prices could rise further due to an expected wider supply deficit in 2024, marking the fifth year of shortages. Industrial demand for silver, driven by green energy, AI, and electric vehicles, now makes up 64% of global consumption.
