While gold’s been teetering along at just under $1,750 per ounce, the price of silver has dropped considerably, sliding 2.33% in value against the U.S. dollar during the last 24 hours. Silver has lost more than 28% against the dollar during the last 165 days or since March 8, 2022. Despite the lower prices, David Morgan, the founder of The Morgan Report, believes silver is expected to see a crunch in supply. In ten years’ time, Morgan thinks silver will be one of the best investments of the decade.
David Morgan Insists the ‘Industrial Side Alone Is Probably Going to Take All the Silver’
During most of 2021 and the second half of 2022, many investors have been focused on assets like gold and bitcoin. Silver, on the other hand, has not performed as well and both silver spot prices and silver mining stocks have underperformed the S&P 500.
In February 2021, Bitcoin.com News reported on the so-called ‘silver squeeze’ sparked by anonymous cohorts on the Reddit forum r/wallstreetbets. That week, silver soared over $30 an ounce in USD value, and many precious metal dealers said they were out of stock.
In 2022, an ounce of fine silver managed to reach a high of $26.46 per ounce during the second week of March. On March 8, 2022, gold’s price per ounce hit a new lifetime high as it traded above the $2,070 range.
Silver has lost more than 28% in value since March 8, as it is currently coasting along at $19 per ounce on Saturday evening (EST) on August 20, 2022. Despite the significant losses, the founder of The Morgan Report, David Morgan, believes silver will see a crunch in supply in the next ten years.
On August 19, 2022, Morgan discussed silver’s value with the anchor and producer at Kitco News David Lin. In the video published on Youtube on Friday, Morgan told Lin the silver supply could run dry in the future. According to data collected by the Silver Institute, the world’s silver demand will hit a record 1.112 billion ounces in 2022.
“[USGS] said that silver would be the first element on the periodic table that would be in such short supply, and that was a few years back,” Morgan detailed. “Just the industrial side alone is probably going to take all the silver available at some point in time.”
The precious metals analyst added:
If you’ve got a long time horizon, like ten years or more, I can’t think of something that would be better…
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