Gold and silver prices are lower in early U.S. trading Monday. With no significant, new fundamental factors influencing the metals markets at the beginning of the trading week, gold and silver traders are concentrating on the external markets, which are exhibiting a largely bearish stance for the day. Gold is trading at $2323.38, down $9.66. Silver is trading at $29.40, down 15 cents. Michael Steinmann, CEO of the mining group Pan American Silver, highlights the growing demand for silver, particularly in industrial applications, which reached an all-time high of 654.4 million ounces in 2023, driven by the green economy and solar energy sectors. At the same time, silver supply is struggling to keep up, with the market facing a significant deficit for the third consecutive year in 2023. The Silver Institute forecasts a 17% increase in the global silver deficit to 215.3 million ounces in 2024, as demand continues to outpace supply. This supply crunch, coupled with robust industrial demand, is expected to provide strong support for silver prices in the coming months.
