At the beginning of 2024, I made two predictions in MoneyMorning….

1. Gold will hit $2,300
2. Silver will hit $30

Fast-forward to today, and gold’s already smashed past my target price – sitting at nearly $2,400. Meanwhile, silver is around $1 away from my target of $30. Well, today I’m going share the reasons for silver’s recent boom… And why it could be the start of a big rally in 2024.

India’s recent silver imports soar 260%!

India has always had a love for silver… In fact, today the country is the largest consumer of silver. Typically, customers in India buy bars and coins to protect their wealth. Additionally, silver jewellery in India is a huge market accounting for around one third of total consumption. Because it is less expensive than gold, it’s popular in rural areas, where it is referred to as “poor man’s gold.”

The rest of silver consumption in India comes from industrial industry, silverware and other applications.

Now, India doesn’t produce a lot of silver. So, the country must import. And boy have they been busy with importing silver. For February, India’s silver imports soared by 260%! Yes, you read that right. That’s a record high.

In total, the country imported over 70 million ounces of silver. That’s over 8% of the global yearly mining production!
Government officials expects total silver imports to increase by 66% in the full 2024 year, which is poised to support higher silver prices for the rest of 2024.

How China’s solar and wind revolution is impacting the silver price

If you don’t know, silver has a massive role in the green energy transition. Solar panels require significant amounts of silver due to the metal’s unmatched electrical conductivity, thermal efficiency and optical reflectivity.

As a result, the solar industry’s demand for silver is booming!

So much so the demand for silver in solar panels has nearly tripled since 2014!

China is leading the world in solar and wind developments.

In 2022, China installed roughly as much solar capacity as the rest of the world combined, then doubled additional solar in 2023.
The country is keen to stay ahead of its western counterparts in the race for green energy solutions. And I believe it will.

The BIG problem is…

Silver’s supply is under huge pressure!

In fact, total global silver production has been declining every year since 2016.

Like other metals, the silver spot price is most heavily influenced by supply and demand dynamics.

That’s what makes silver an extremely attractive investment in 2024.

The silver market supply hit a deficit by over 140 million ounces in 2023. That’s expected to DOUBLE by 2030.

This, coupled with huge demand could well push silver prices higher.

How high you ask?

Well, in my latest issue of Real Wealth, I answer this exact question. And more importantly, show you how to profit! This recent silver price surge is just the beginning… now is the time to know where to invest!

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