Silver market news

Here are some recent news and updates from the silver market:

Price Action:

• Silver prices have been trading in a narrow range of $17.50 to $18.50 per ounce over the past few weeks.
• On Monday, silver prices rose 0.4% to $18.14 per ounce, driven by a weaker US dollar and increased demand for safe-haven assets.
• However, silver prices fell 0.6% to $17.94 per ounce on Tuesday, as the US dollar strengthened and investors took profits from the previous day's gains.

Fundamental News:

• The World Gold Council (WGC) reported that global silver demand fell 12% to 1,032.4 million ounces in 2022, due to weaker demand from the industrial sector.
• The WGC also reported that silver inventories at the London Bullion Market Association (LBMA) fell to a 10-year low of 144.1 million ounces in January.
• The US Mint reported that silver coin sales rose 15% to 2.4 million ounces in January, driven by increased demand for American Silver Eagles.

Economic News:

• The US Federal Reserve raised interest rates by 0.25% to a range of 4.5% to 4.75% on Wednesday, which could impact the silver market by increasing the value of the US dollar and reducing demand for precious metals.
• The European Central Bank (ECB) also raised interest rates by 0.25% to 3.5% on Thursday, which could have a similar impact on the silver market.
• The International Monetary Fund (IMF) cut its global economic growth forecast to 3.4% in 2023, citing rising inflation and interest rates, which could lead to increased demand for safe-haven assets like silver.

Company News:

• Silver Wheaton Corp. (SLW) reported a 14% increase in silver production to 29.6 million ounces in 2022, driven by increased production from its Mexican and Chilean mines.
• Hecla Mining Co. (HL) reported a 10% increase in silver production to 12.8 million ounces in 2022, driven by increased production from its Idaho and Montana mines.
• Pan American Silver Corp. (PAAS) reported a 5% increase in silver production to 24.5 million ounces in 2022, driven by increased production from its Mexican and Peruvian mines.

Market Analysis:

• A recent report by the Silver Institute found that silver prices could rise to $20 per ounce by the end of 2023, driven by increased demand from the industrial sector and central banks.
• Another report by Thomson Reuters GFMS found that silver prices could fall to $15 per ounce by the end of 2023, driven by increased supply from recycling and reduced demand from the industrial sector.
• A technical analysis by Bloomberg found that silver prices are trading in a bullish trend, with a potential target price of $20 per ounce.

These are just a few of the recent news and updates from the silver market. As always, it's important to do your own research and consider multiple sources before making any investment decisions.