When Will Silver Go Up

Is the Highest Price of Silver Still to Come?

A collection of articles from Silver Investing News looking at the silver price forecast By Charlotte McLeod

Silver Price Forecast And Silver Stocks

Table of Contents Silver Trends 2017: Physical Surplus for First Time in Four Years .............................................4

Silver Outlook 2018: Price May Rise Quickly Once Triggered ...................................................8

Best Silver Stocks of 2017 on the TSX ....................................................................................16

Best Junior Silver Stocks of 2017 on the TSXV .......................................................................19

To give a clear picture of Silver and its value, I have inserted a number of images that provide an overview of what we can expect in the longer term. I do not make a price prediction. Silver has 10,000 industrial applications, particularly in high-tech products, solar panels and medical equipment & clothing. This large number stems from the special characteristics of Silver and not much is recycled. You may examine the special characteristics of silver yourself.The information on the images may not be interpreted as exactly, it indicates a trend that we see with more raw materials.

I leave it up to you to make a correct assessment of how valuable this metal actually is. But I wonder what silver would be worth over 50 or 100 years, good luck.

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Silver Price Forecast And Silver Stocks

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Silver Price Forecast And Silver Stocks

Silver Trends 2017: Physical Surplus for First Time in Four Years

What were the main silver trends of 2017? In this article we run through the year's key supply, demand and price catalysts.

After hitting a high of just over $20 per ounce in 2016, silver put on a more subdued performance in 2017.

Silver had not breached the $20 mark as of the end of November, and had averaged $17.13 as

of midway through that month. Analysts at Thomson Reuters GFMS see the silver price maintaining its $17.13 average through 2017, on par with its 2016 annual average of $17.14.

The white metal traded within a range of about $3 in 2017, recovering to over $18 at the start of 2017 before hitting a 15-month low of $15.19 in July. It rallied back to about $18 in early September and then sunk back down to the $16.50 level the next month . According to FocusEconomics , the price fall in October was due to stronger performance from US equity indexes, which reduced demand for silver.

The silver price gained some ground in early November on the back of developments in the US, including “recent news on the job market [that] was slightly downbeat, and the announcement of President Trump’s Federal Reserve chair nominee, [which] resulted in a weaker dollar.” FocusEconomics notes that the president’s proposed tax plan “is likely to deteriorate the nation’s fiscal standing,” and says that ongoing geopolitical tensions with North Korea will drive demand for safe-haven assets like silver.

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Silver Price Forecast And Silver Stocks

Silver trends 2017: Supply

The silver market is expected to reach a small annual physical surplus of 32.2 million ounces in 2017 after four consecutive years of physical shortfalls, according to Thomson Reuters GFMS’ interim silver market review, released on November 15.

Total silver supply is forecast to remain flat in 2017 at 1,008.4 million ounces, the firm says. Metals Focus gives a similar estimate of 1,024 million ounces for total silver supply for 2017. Global mine production is expected to clock in at 869.7 million ounces in 2017, which represents a year-on-year drop of 2 percent, due to declines in Chile and Australia. Before 2016, silver mine output had not dropped for 14 years .

Despite high levels of silver production overall, one of the largest primary silver mines experienced a disruption in 2017 . Guatemala’s Supreme Court suspended the operating license for Tahoe Resources’ (TSX:THO , NYSE:TAHO) Escobal mine, halting operations between July and September.

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Silver Price Forecast And Silver Stocks

Higher scrap supply and a drop in net dehedging are expected to offset lower mine production in 2017. After five years of declines, scrap supply is expected to rise to 141.6 million ounces, up 1 percent year-on-year, driven by higher Asian flows. The rise is reportedly also partly due to firmer industrial fabrication demand, which is generating higher volumes of fabrication waste.

Companies in the silver space continue to be optimistic about the market. Wheaton Precious Metals (TSX:WPM , NYSE:WPM) President and CEO Randy Smallwood recently said the company’s portfolio of assets is “doing very well” and is “continuing to generate very strong cash flows.” He added that the market for silver and gold was “pretty stable” during 2017.

Frank Basa, president and CEO of Castle Silver Resources (TSXV:CSR ) , said, “we expected to find more cobalt and silver at the Castle property [in 2017], and our exploration results were excellent. Our drill program hit a high-grade cobalt zone, we intersected mineralization in every hole and bulk and chip samples from underground showed high grades for cobalt as well as for gold, nickel and silver.”

Levon Resources (TSX:LVN ) President and CEO Ron Tremblay was similarly optimistic, and said that he expects the market to start improving in 2017. “It is taking longer than I expected, but everything except the precious metals is improving, so that should be happening very soon,” he explained.

Silver trends 2017: Demand

Total physical silver demand is seen dropping 5 percent in 2017, reaching a total of 976.1 million ounces. Retail investment is set to fall sharply, but the decline is expected to be partially offset by a modest increase in jewelry and industrial fabrication.

Bar and coin demand — Silver coin and bar demand is expected to fall by 37 percent year-on-year in 2017, which Thomson Reuters GFMS attributes to “a rising appetite for riskier assets and growing optimism about the global economic outlook.”

2017 has so far marked the lowest level of US silver coin and bar demand since 2010, with India’s silver coin and bar market also on course for a weaker performance. Global physical silver investment is expected to drop by 20 percent in 2017 to about 167 million ounces, the lowest total in a decade.

Jewelry and fabrication demand — Silver demand from the jewelry fabrication sector is expected to hit 207.1 million ounces in 2017, up 1 percent year-on-year, with slowing demand in China being offset by stronger demand in India and North America. Meanwhile, silverware fabrication demand is forecast to rise by 10 percent year-on-year to reach 57.5 million ounces, largely on the back of demand from India.

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Silver Price Forecast And Silver Stocks

Industrial demand — Industrial demand for silver is forecast to rise by 3 percent in 2017 to come in at 581.4 million ounces, led by strong gains in the solar industry and a modest rise in demand from electronics, brazing alloys and solders. Notably, global silver demand from the solar industry is forecast to increase by 20 percent in 2017, to almost 92 million ounces, as per Thomson Reuters GFMS.

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Silver Price Forecast And Silver Stocks

Silver Outlook 2018: Price May Rise Quickly Once Triggered

What's the silver outlook for 2018? Overall market watchers are calling for slightly higher prices as the white metal follows gold upward.

The silver price saw some ups and downs in 2017 , but overall it looks set to end the year fairly flat — as of Monday (December 4), it was up only about 2.3 percent year-todate, sitting at around $16.30 per ounce.

Many analysts believe 201 8 will bring a slightly improved price. According to Metals Focus, the white metal should average $20.60

next year, up over $3 from its $17.13, its average 2017 price as of November 10.

Experts polled by FocusEconomics agree — in a report published recently, the firm lists forecasts from over a dozen different outlets, with the lowest 2018 average forecast being $16 and the highest being $21.30. Overall, the consensus silver price forecast for next year came in at $ 17.80

A note about fixing silverprice.

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Silver Price Forecast And Silver Stocks

https://youtu.be/KIeGxpxzuMg

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Silver Price Forecast And Silver Stocks

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Silver Price Forecast And Silver Stocks

There is indeed a point to make here

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Silver Price Forecast And Silver Stocks

Chart via FocusEconomics .

Analysts who are bullish on silver in 2018 have a variety of reasons for their thinking, but many have mentioned that they see the white metal following gold on an upward trajectory.

For instance, TD Securities analysts said in their 2018 Global Outlook that “underperforming silver is set to shine as gold improves amid still low real rates, firm demand, weak supply and higher [volatility].” They expect silver to average $18.50 over the first half of 2018, and $19.25 in the second half of the year.

Bart Melek, the firm’s head of commodity strategy, noted that prices for both gold and silver are expected to increase over the next 12 months because “we don’t think the Fed is going to be anywhere near as hawkish as its statements are indicating.” TD

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Silver Price Forecast And Silver Stocks

Securities also sees investors using precious metals as a hedge if equities continue to stay in record territory.

In a November interview , Frank Holmes of US Global Investors (NASDAQ:GROW ) also suggested that silver could follow gold upward. He said, “when gold goes to $1,350 per ounce you’ll get a quantum leap in silver. Silver always has sort of a catch up, and all of a sudden it’s the best-performing [metal].”

Similarly, Frank Basa, president and CEO of Castle Silver Resources (TSXV:CSR ) , said “silver’s price is likel to move higher along with gold as the US currency loses its position in the world market.”

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Silver Price Forecast And Silver Stocks

Silver outlook 2018: Supply

In terms of supply, the silver market is expected to remain in a fundamental surplus for the third year in a row in 2018, with an excess of about 70 million ounces, according to Precious Metals Investment Focus 2017/2018. Mine output is expected to rise marginally in 2018, and a recovery in recycling will see total supply record its first annual increase in four years. Metals Focus estimates that total silver supply for all of 2018 will be 1,045 million ounces.

Not everyone agrees with that forecast, however. Maria Smirnova, senior portfolio manager at Sprott Asset Management, said earlier this year that the world will see a deficit of 50 million ounces of silver over the next three years as mine output declines.

“We’re just not seeing silver discoveries. We’re not seeing a lot of viable future mines in silver. It’s a problem, and that’s what reinforces our positive view on the silver price,” she explained.

Smirnova, who manages the Sprott Silver Equities Class mutual fund, noted that it is harder to find an economic gold deposit than it is to find an economic silver deposit given current prices, and therefore there has been “huge underinvestment” in the silver industry.

She said a decline in discoveries and future mines coming online has meant that more companies are choosing not to focus solely on silver. For example, Silver Wheaton recently changed its name to Wheaton Precious Metals (TSX:WPM , NYSE:WPM) after making a series of gold investments.

Nevertheless, companies focused primarily on silver do exist, and some are making strides. Americas Silver (TSX:USA ) CFO Warren Varga said, “we’re very excited looking into next year.” The company began processing ore from its San Rafael silverzinc – lead mine in Mexico in September, and commercial production is expected by the end of 2017.

Varga added that the company expects to do more drilling at the 120 zone deposit contiguous to San Rafael and said, “we’re looking forward to seeing results from that drill program in 2018. [It] should be done within the first half, and we should be able to get results out to the market before summertime.”

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Silver Price Forecast And Silver Stocks

Silver outlook 2018: Demand

Looking at demand, Metals Focus says that silver bar and coin demand is seen recovering in 2018. Meanwhile, demand for silver in jewelry and silverware is expected to grow, but price increases in countries such as India will mean gains will be modest.

Industrial offtake is forecast to grow by 2 percent in 2018 and should reach an all-time high on rising demand from the solar and automotive sectors. Demand for silver in solar panels is expected to increase due to the Chinese National Energy Administration’s goal of increasing capacity by 110 gigawatts between 2016 and 2020.

Overall, Ron Tremblay, President and CEO at Levon Resources (TSX:LVN ) said he sees the market improving for silver in 2018. He added that investors should “be patient [because] this market will turn.”

For his part, Nicholas Konkin, marketing and communications at Golden Arrow Resources (TSXV:GRG ) , believes that the silver market is “definitely showing signs of appreciation,” and presents an “interesting buying opportunity for investors to get into the market and position themselves. When the silver market does in fact go up, it will go up in a hurry, and you want to be ready.”

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Silver Price Forecast And Silver Stocks

Best Silver Stocks of 2017 on the TSX

The silver price has gained so far this year, but what are the best silver stocks on the TSX? We've got the answers here.

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Silver Price Forecast And Silver Stocks

Which silver stocks came out on top in 2017? While the silver price traded within a fairly tight range throughout the year, some companies saw big share price gains. The list below was generated on December 5, 2017 using the Globe and Mail’s market data filter , and it shows the TSX-listed silver companies that have experienced the biggest share price gains year-to-date.

Only companies with market caps above $30 million are included. If you think we’ve missed a silver company that should be listed, please let us know in the comments. Our list of the best junior silver stocks of the year on the TSXV can be viewed here .

1. Sabina Gold & Silver (TSX:SBB )

Current price: $2.10; year-to-date gain: 114.29 percent

Sabina Gold & Silver is focused on advancing its Back River gold project in Nunavut , and released a feasibility study for the project in 2015. The company also has a series of claims in the Wishbone greenstone belt, but it has not focused on them in recent years.

In addition to those properties, Sabina has a royalty on Glencore’s (LSE:GLEN ) Hackett River silver- zinc project. The firm is entitled to receive 22.5 percent of silver production up to the first 190 million ounces produced, and then 12.5 percent of all silver produced afterwards at Hackett River.

2. Sierra Metals (TSX:SMT )

Current price: $2.93; year-to-date gain: 42.23 percent

Sierra Metals has three underground mines in Latin America: the Yauricocha polymetallic mine in Peru and the Bolivar copper and Cusi silver mines in Mexico. 2017 was an active year for the company. Its more recent news includes the release of a “significantly increased” mineral resource estimate for Yauricocha, its flagship asset, after successful drilling at several sites within the mine. The company hopes the new resource estimate will help it increase production at the site. The firm also recently released its consolidated Q3 results , reporting quarterly output of 3.7 million silver equivalent ounces and revenue from metals payable of $50.9 million.

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Silver Price Forecast And Silver Stocks

3. Americas Silver (TSX:USA )

Current price: $4.58; year-to-date gain: 30.86 percent

Americas Silver has silver-mining operations in the US and Mexico. Three of its mines are producing, and the company also has an advanced-stage exploration project.

Like the other companies on this list, Americas Silver was quite active in 2017. Its most recent milestone came in November, when it commenced production at San Rafael, its third mine. A March 2016 prefeasibility study for San Rafael forecasts average annual production of 1 million ounces of silver, 50 million pounds of zinc and 20 million pounds of lead over an initial six-year mine life. Click here to read an interview with Americas Silver President and CEO Darren Blasutti.

4. Levon Resources (TSX:LVN )

Current price: $0.30; year-to-date gain: 3.45 percent

Levon Resources is a precious metals exploration company. Its flagship asset is the Cordero project in Mexico, which it bills as one of the largest silver resources in the world. The firm says it is “debt - free and well-funded for future exploration.”

Levon’s latest news came in September , when it announced the results of a core drill program at Cordero; it said results were “conformable with the grid drilling results of the 2014 Cordero resource.”

5. Wheaton Precious Metals (TSX:WPM , NYSE:WPM)

Current price:$26.63; year-to-date gain: 2.66 percent

Last on our list of top-gaining silver stocks is Wheaton Precious Metals, formerly known as Silver Wheaton. It claims to be the world’s largest pure precious metals streaming company, boasting streaming agreements for 20 mines and eight projects.

While the company’s share price has fluctuated between about $17 and $22 this year, the overall average is steady compared with previous years. As per the company’s Q3 release in November, it is on track to meet its 2017 production guidance and is generating strong cashflow. Click here to read an interview with Wheaton Precious Metals President and CEO Randy Smallwood.

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Silver Price Forecast And Silver Stocks

Best Junior Silver Stocks of 2017 on the TSXV

Which TSXV-listed junior silver stocks are the top performers so far this year? We've compiled a list to guide investors.

Silver has underperformed gold so far this year, and as of early December had

The white metal has been buffeted by a number of factors, including the rise of cryptocurrencies like bitcoin . Indeed, Adrian Ash of BullionVault said recently that “silver investment demand has sunk as bitcoin has swamped financial headlines.”

Even so, some junior silver stocks have performed well this year, with a few recording impressive increases. The list below was generated on December 7, 2017 using the Globe and Mail’s market data filter , and it shows the TSXV-listed silver companies that have seen the biggest share price gains year-to-date.

Only companies with market caps above $5 million are included. If you think we’ve missed a junior silver stock that should be listed, please let us know in the comments. Our list of this year’s top-performing TSX-listed silver stocks can be viewed here .

1. New Nadina Explorations (TSXV:NNA )

Current price: $3.53; year-to-date gain: 4,052.94 percent

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dipped below $16 per ounce.

Silver Price Forecast And Silver Stocks

First on our list of top-performing junior silver stocks is New Nadina Explorations. The company has a number of properties in BC, Saskatchewan, the Northwest Territories and Nunavut.

New Nadina’s latest news came on December 4, when it announced that it had raised $693,750 from the first tranche of a non-brokered private placement. All of the money will be spent on exploration and drilling at the company’s BC-based Silver Queen silver-gold- copper – lead – zinc project.

The plan is to complete about 6,000 meters of drilling at the Blue zone anomaly intersected earlier this year. According to New Nadina, samples from the Blue zone are currently in the lab , with results pending.

2. Jaxon Mining (TSXV:JAX )

Current price: $0.23; year-to-date gain: 525 percent

It’s been a big year for Jaxon Mining, an exploration and development company focused on acquiring highly prospective properties in BC.

The company currently holds two key assets, but its main focus this year has been the Hazelton project, which is prospective for world-class Eskay Creek- and Equity Silverstyle mineralization. Most recently, Jaxon announced the completion of a Phase I drill program at Hazelton. First assays are expected in late December, and the company is already planning exploration and drill programs for spring 2018.

3. Castle Silver Resources (TSXV:CSR )

Current price: $0.28; year-to-date gain: 292.86 percent

Castle Silver Resources is focused on developing its past-producing Castle silvercobalt mine in Ontario. Commenting recently on the company’s progress, President and CEO Frank Basa said, “we expected to find more cobalt and silver at the Castle property [in 2017], and our exploration results were excellent.”

The company is also testing the Re-2OX process to recycle lithium - ion batteries by stripping the casing, leaching the cathode of the batteries and forming a high-purity precipitate containing valuable metals. In October, Castle signed a provisional milling agreement with Granada Gold Mine (TSXV:GGM ) .

4. Maya Gold & Silver (TSXV:MYA )

Current price: $0.36; year-to-date gain: 153.57 percent

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Silver Price Forecast And Silver Stocks

Maya Gold and Silver’s flagship project is the Zgounder silver mine in Morocco. In late November, the company released its Q3 results , declaring silver production of 384,122 ounces of silver so far this year at Zgounder. President and CEO Noureddine Mokaddem said at the time that the company was pleased with production advances at the mine and with “exceptional drill results” from a campaign this year.

In its latest press release, Maya provided the first results from its surface percussion drilling program , commenting, “[t]hree out of the first six holes intersected silver mineralization of interest.”

5. Canuc Resources (TSXV:CDA )

Current price: $0.34; year-to-date gain: 34 percent

Canuc Resources’ main asset is its San Javier silver-gold project in Mexico. According to the company, it hosts a high-grade silver-gold system, and is located about 140 kilometers southeast of Hermosillo.

The company announced a drill program at San Javier in July, and since then has begun to release results. On October 4 , Canuc reported that hole SJ17-003 had intersected high-grade silver with meaningful gold, lead and zinc credits. It has also been sampling underground workings and the Carranza breccia zones at San Javier. In its latest press release, Canuc said it has acquired the title to a new mining concession in exchange for 150,000 shares and US$50,000 in cash.

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Silver Price Forecast And Silver Stocks

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Silver Price Forecast And Silver Stocks

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Silver Price Forecast And Silver Stocks

5 Top Silver News Stories of 2017

Silver didn't perform as well as some investors hoped this year, but interest remained strong. Here are our top silver news stories of 2017.

The silver price traded between about $15 and $18 per ounce in 2017, leaving some market watchers hoping for better price action in 2018.

Even so, investors remained interested in silver in 2017. Our most popular silver news stories of the year show that investors were keen to learn more from experts about what makes the white metal a compelling

investment.

Read on to see what silver news stories grabbe d the attention of our investor audience this year. You can also click here for our review of 2017 silver trends and here for our 2018 silver outlook.

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Silver Price Forecast And Silver Stocks

1. Could the Silver Price Really Hit $130 per Ounce?

Keith Neumeyer, president and CEO of First Majestic Silver (TSX:FR , NYSE:AG), is known for his wild silver price predictions, having suggested in 2016 that the white metal could reach $1,000. In November, he lowered his price outlook, saying he sees it hitting $130. In this silver news story we delve into Neumeyer’s rationale, as well as what other industry professionals have to say about the future of silver.

2. Why You Should Still Invest in Silver

Coming in as our second most popular silver news story is a video interview with Ed Steer, publisher of Ed Steer’s Gold and Silver Digest. In the interview, Steer goes into depth about why he believes silver prices are being kept down, pointing squarely at market manipulation by a select few.

If Steer is right and the market is being manipulated, what should investors do? Get in and stay, or stay out altogether? Steer gives his advice to investors and shares his prediction for the precious metal .

Watch the video for all the details .

3. Silver in 2017: The Year of the Wild Card

At the Vancouver Resource Investment Conference in January, Brad Cooke, CEO of Endeavour Silver (TSX:EDR , NYSE:EXK), and Robert Archer, president and CEO of Great Panther Silver (TSX:GPR , NYSEAMERICAN:GPL), participated in a panel where they discussed their forecasts for precious metals in 2017. Were their predictions on point?

The panelists also discussed the cost of mining silver in Mexico . Many factors are in play, such as the Mexican currency and political friction as a result of US President Donald Trump. Both CEOs also touched on dividends and whether or not they are on the horizon for investors.

4. Osisko Gold’s First Silver Stream is on a BC Mine

Mining giant Osisko Gold Royalties (TSX:OR , NYSE:OR) holds over 130 royalties, streams and offtake assets, but it wasn’t until this year that it added its first silver stream. As part of the deal, Osisko paid US$33 million to Taseko Mines (TSX:TKO , NYSEAMERICAN:TGB), a BC-based mining company.

In exchange, Osisko received a 75-percent share of payable silver production from Taseko’s Gibraltar mine until 5.9 million ounces are delivered. Gibraltar is expected to

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Silver Price Forecast And Silver Stocks

produce 200,000 ounces of silver per year, and also produces copper concentrate and molybdenum .

5. Maria Smirnova: The Silver Market Today and How to Pick Stocks

Last on our list of most popular silver news stories is a July interview with Maria Smirnova of Sprott Asset Management. Smirnova, a senior portfolio manager, shared her thoughts on the future of the silver market and detailed a strategy for selecting silver stocks. She also honed in on supply and demand.

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