The price of silver opened last Monday at $16.45 and closed a cent off at $16.44. On Tuesday, live silver prices opened at $16.42, climbed to $16.47, and then closed at $16.41. Wednesday morning saw silver prices open at $16.39 before surging to $16.56. They closed at $16.49. The price of silver pretty much continued upward for the remainder of the week: Thursday’s open came in at $16.58, and the close was $16.66. Friday morning saw silver trading at $16.68 and jump to $16.79 before closing out the week at $16.62.
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Last Tuesday, Silver Investing News reported that organizers of the 2020 Olympics in Tokyo are struggling to find enough recycled silver to make the silver and gold medals. To combat the problem, Tokyo 2020 Medal project organizers plan to increase the number of collection points for old personal computers and smartphones throughout the nation.
Mexico-based silver mining company First Majestic Silver reported a net loss of U.S. $5.6 million in the first quarter of 2018. The company cited lower grades that resulted in a decrease in output as the reason for the loss. In its latest Silver Survey, Thomson Reuters GFMS indicates supplies of silver have now been in a deficit for five years in a row.
Lower silver supply combined with increased demand from industrial applications, such as solar, and safe haven investing could result in higher silver prices.