- Silver prices rose by 29% YoY in 2020, led by an 8% increase in physical investment demand
- The World Silver Survey 2021 has forecast total silver demand to rise by 15% in 2021 to 1.03 billion ounces, with industrial silver consumption set to bounce back by 8% YoY
- The rosy demand outlook contrasts against silver’s tenuous supply profile, with annual mining production declining for a fourth consecutive year in 2020
- Excellon Resources is among the leaders in the search for new silver deposits, with a precious metals growth pipeline that includes: Platosa, Mexico’s highest-grade silver mine since production commenced in 2005; Kilgore, a high quality gold development project in Idaho with strong economics and significant growth and discovery potential; and an option on Silver City, a high-grade epithermal silver district in Saxony, Germany with 750 years of mining history and no modern exploration
Silver has long been recognized as the world’s best conductor of energy, and electric vehicles as well as solar power-led photovoltaics are set to serve as major demand drivers for the metal over the coming years (
https://ibn.fm/nQVtP). Nonetheless, the onset of the pandemic and resulting slowdown in global economic conditions led industrial silver demand to fall by 5% in 2020 to a five-year low of 486.8 million ounces, a decline which was countermanded to a certain extent by a sharp increase in physical investment demand for the precious metal. In fact, investor demand for silver bars and coins rose by 8% last year to a four-year high of 200.5 million ounces. Resurgent industrial demand in 2021, coupled with ongoing physical investment demand, are set to bode positively for companies such as
Excellon Resources (TSX: EXN) (NYSE American: EXN) (FSE: E4X2), a silver and base metals producer with precious metal projects in Mexico, Idaho and Germany.
The Silver Institute’s World Silver Survey 2021 revealed that silver prices had risen by 27% between 2019 and 2020, with the precious metal trading at an annual average of $20.55 an ounce over the past year. The price rally was largely fueled by a surge of net inflows into silver-backed exchange-traded products (“ETPs”), with investment vehicles seeing underlying holdings of the precious metal rise by 331.1 million ounces…
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NOTE TO INVESTORS: The latest news and updates relating to EXN are available in the company’s newsroom at
https://ibn.fm/EXN
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