Silver prices jumped to a two-year high above $20 an ounce this week. Demand is picking up: Chinese silver imports in the five months to June were 20% up on last year.
This reflects robust industrial demand. Half of silver demand stems from industry, with the fast-growing solar-panels sector accounting for a tenth of that.
Meanwhile, there will be a supply deficit this year, as mining output has fallen. Finally, nervous investors may seek a safe haven while the outcome of the US presidential election is uncertain.
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It all suggests that prices have further to run.
Andrew is the editor of MoneyWeek magazine. He grew up in Vienna and studied at the University of St Andrews, where he gained a first-class MA in geography & international relations.
After graduating he began to contribute to the foreign page of The Week and soon afterwards joined MoneyWeek at its inception in October 2000. He helped Merryn Somerset Webb establish it as Britain’s best-selling financial magazine, contributing to every section of the publication and specialising in macroeconomics and stockmarkets, before going part-time.
His freelance projects have included a 2009 relaunch of The Pharma Letter, where he covered corporate news and political developments in the German pharmaceuticals market for two years, and a multiyear stint as deputy editor of the Barclays account at Redwood, a marketing agency.
Andrew has been editing MoneyWeek since 2018, and continues to specialise in investment and news in German-speaking countries owing to his fluent command of the language.
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