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Silver Deficit to Widen in 2024

The global silver market is poised for a significant deficit increase in 2024, according to recent projections by the Silver Institute. The industry association forecasts a 17% rise in the deficit, reaching 215.3 million ounces. This escalation is primarily driven by a 2% growth in demand, particularly from industrial sectors, while total supply is expected to decline by 1%.

This marks the fourth consecutive year of a structural market deficit for silver, a metal crucial in various industries including jewelry, electronics, electric vehicles, and solar panels. The persistent imbalance between supply and demand has been a trend since 2021, with cumulative deficits totaling 474 million ounces over the past three years.

You can read more on the matter here.

What’s going on?

• Boston Pizza Honors Pizza Pledge After Oilers’ Defeat (theDeepDive)

• Bankers who helped Putin's friend move millions via Swiss bank accounts lose appeal (Reuters)

• Liberals Lost A “Guaranteed” Seat In Toronto-St. Paul’s Byelection (theDeepDive)

• Canada Inflation Quickens to 2.9%, Reducing Odds of July Cut (Bloomberg)

• ‘Portal to Hell’: OceanGate Co-Founder Unveils New Expedition (theDeepDive)

• Police fire on demonstrators trying to storm Kenya parliament, several dead (Reuters)

• China Becomes First Nation to Return Lunar Samples from Far Side of Moon (theDeepDive)

• Conservatives win longtime Liberal stronghold Toronto-St. Paul's in shock byelection result (CBC)

• Are There No Jobs For Canadians?: Surge in Demand for Temporary Foreign Workers in Canada Raises Concerns (theDeepDive)

• German airline Lufthansa hikes ticket prices by up to $77 due to environmental costs (CNBC)

• Julian Unchained: Assange to Walk Free After Guilty Plea (theDeepDive)

• BoC’s Macklem says Canadian economy appears to be on track for soft landing (Globe)

• Canadian Homeowners May Be Facing Downsizing Pressure Amid Housing Affordability Crisis (theDeepDive)

What’s the latest?

• Canada Worsens:In May, consumer prices in Canada unexpectedly rose, reversing the earlier trend of cooling inflation and reducing the likelihood of a Bank of Canada interest rate cut in July to below 50%. The annual inflation rate increased to 2.9% from 2.7% in April, complicating the outlook for further rate easing. Core inflation measures, CPI-median and CPI-trim, also rose for the first time in five months, driven by higher prices for services like cellular services, travel tours, rent, and air transportation.

• Assange: Julian Assange, founder of WikiLeaks, will plead guilty this week to violating U.S. espionage law, enabling his return to Australia and concluding his legal battle. Assange, 52, has agreed to a single charge of conspiring to obtain and disclose classified U.S. documents and will be sentenced to 62 months of time already served at a Wednesday hearing in Saipan. Released from the UK’s Belmarsh prison, Assange is expected to return to Australia after the hearing. The Australian government has not yet commented.

• Crypto: FTX will ask a judge to allow its bankrupt crypto exchange customers to vote on a liquidation plan that proposes cash repayments. FTX claims it has recovered $16 billion for customers, promising full repayment, but some argue the payouts are based on lower 2022 crypto prices. These customers have filed lawsuits, seeking repayment at current values. FTX CEO John Ray maintains that cash payments are the fairest approach due to cryptocurrency volatility.

• Mag 7: The European Commission has accused Microsoft of antitrust violations for bundling its Teams app with Office, following a 2020 complaint from Slack. Microsoft could face significant fines and is being urged to offer Office without Teams at a lower price and improve interoperability. While Microsoft expresses willingness to comply, competitors like Salesforce support the Commission’s stance, citing concerns over fair competition.

• Short Sellers: Short sellers of Nvidia have gained nearly $5 billion from the stock's 13% decline over three sessions, as reported by Ortex Technologies. The drop resulted in a $430 billion market cap loss since June 18, when Nvidia briefly became the world's most valuable company. This decline is due to investors moving away from high-performing AI stocks, though Nvidia's stock has still surged 145% this year, making it the second-best performer on the S&P 500.

Copper: the lifeblood of global electrification revolution

The stock market and stuff

• BOJ Considers Bold Policy Shift Amid Yen Weakness and Inflation Concerns (theDeepDive)

• OSC Accuses Executives of Logan Paul’s Liquid Marketplace Misappropriating Investor Funds (theDeepDive)

• Nvidia’s half-a-trillion dollar wipeout leaves global chip stocks volatile (CNBC)

• Mt. Gox to Begin Repaying Creditors in July, A Decade After Collapse (theDeepDive)

In the juniors

• Hut 8 Announces $150 Million Investment from Coatue Management In A Bid For AI Shift (theDeepDive)

• Heap Leach Failure at Eagle Gold Mine: No Injuries Reported, Investigations Ongoing (theDeepDive)

• Robert Friedland Leads $20 Million Flow-Through Offering for Power Nickel (theDeepDive)

• Paladin Energy to Acquire Fission Uranium in a $1.14 Billion All-Share Deal (theDeepDive)

FULL DISCLOSURE: ATHA Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of ATHA Energy. The author has been compensated to cover ATHA Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.