According to Kitco News, growing industrial demand for silver may further reduce its investment appeal. Leading commodity traders surveyed by the platform also warned that if gold breaks through key support, silver could collapse along with platinum group metals.
A decrease of the indicator value may contribute to the fall in quotes of Silver.
According to Josh Phair, CEO of the Scottsdale Mint (USA), Donald Trump's new duties on imported products, regardless of their size, will have a pronounced negative impact on the market for both silver and gold.
On Thursday, silver prices dropped below $32 per ounce, erasing the previous session's gains. Easing global trade tensions reduced demand for safe-haven assets. This pullback followed productive US-China negotiations over the weekend.
Argentina has made a major breakthrough in its mining sector with the discovery of a deposit containing an estimated 80 million ounces of gold and silver, along with 12 million tons of copper. According to Earth.com, the country is poised to become a major player in the global metals market.
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