Page 37 - Bullion World Volume 4 Issue 3 March 2024

Bullion World | Volume 4 | Issue 3 | March 2024

SILVER Additionally, conventional investors shifted to US assets

due to higher yields, driven by the US Federal Reserve's
rate hike policy.
Despite weaker demand and a slight supply drop,
the global silver market faced a deficit for the third
consecutive year in 2023. Forecasts suggest this deficit
News will persist, impacting prices. Looking ahead to 2024,

uncertainty in demand continues to dampen global
silver prices, although gains from green technology
applications may offset losses in other sectors.
Expectations of a physical market deficit and China's
potential economic recovery offer some hope for
Demand worries continue to put demand. Reports of silver replacing platinum group
pressure on silver prices metals in fuel cells also raise demand expectations.
In the London market, prices are likely to remain within
Despite gold reaching new highs in 2023, silver remained a $26-20 range initially, with potential for breakout due
flat in international markets due to various factors to unexpected events. Domestically, MCX silver futures
affecting its outlook. However, in domestic markets, have strong support near Rs 65,000 and resistance at
it surged to near-record highs by around 7 percent, Rs 76,500 per kg.
influenced by a weak Indian rupee and expectations
of physical demand, despite a volatile global economy. Source: https://economictimes.indiatimes.com
Historically moving in tandem with gold, silver's price
performance has diverged in recent years due to
increased industrial use. While traditionally considered a
hedge against inflation, silver's role as a safe commodity
during uncertain times has waned, as seen in its
moderate reaction to geopolitical tensions and US Fed
policy decisions last year.

China's significance in the global silver market has
grown, with its industrial sectors driving demand.
However, economic challenges in China have
intensified, affecting global demand for industrial metals.

New Addition to LBMA's Silver Good Delivery List

New Addition to LBMA's Silver Good Delivery List
The silver refinery of Jiangxi Copper Lead&Zinc Metal Co. Ltd (Jiangxi) has been added to LBMA’s Good Delivery List
for silver with effect from 15 February 2024.

Jiangxi has satisfied LBMA as to its ownership, history, production capability, and financial standing. It has
also passed LBMA’s exhaustive testing procedures, under which its silver bars were examined and assayed by
independent referees, and its own assaying capabilities were tested.

Jiangxi is located in Jiujiang City, China. Its source of feedstock is primarily from anode slime. Its refined silver output
is in the form of ingots.

Background
The London Good Delivery List of Acceptable Refiners of gold and silver is maintained by LBMA, by whom it is
copyrighted. It lists those refineries whose gold and silver bars have been found, when originally tested, to meet the
required standard for acceptability in the London bullion market. The List now includes 66 gold and 79 silver refiners.

Source: https://www.lbma.org.uk

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