Daily Gold Market Report

Industrial and Technological Advancements Fuel Unprecedented Demand for Silver
Supply Deficit Looms

(USAGOLD – 10/18/2023) Gold is trading at $1947.83 this morning, up $24.65 (+1.28%). Silver is trading at $23.17, up 36 cents (+1.44%). As the ongoing conflict in the Middle East continues to escalate, we continue to see all commodity prices climb higher.

A recent article titled, “Copper and silver: The electrical metals“, delves into the increasing demand for silver driven by its myriad industrial applications, notably in the green energy sector, automotive industry, and the 5G technology. Mills concludes, “Silver is an important component of brazing and soldering, the process of joining pieces of metal together.” The Silver Institute says that adding silver to the process of soldering or brazing helps produce smooth, leak-tight, electrically conductive and corrosion-resistant joints. The demand for silver in brazing and soldering, crucial in the automotive, aerospace, air-conditioning, refrigeration, and electric power distribution industries, is forecasted to rise by 58.8 million ounces by 2030.

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