“’Silver is in a shortage… and there is a notable drawdown in the available physical stocks held in New York and London’s physical hubs, more so than seen in gold,’ said Nicky Shiels, head of metals strategy at precious metals company MKS PAMP, quoted on CNBC. Shiels expects silver to record deficits of more than 100 million ounces over the next five years.”
USAGOLD note: A big pick-up in ETF demand could serve as adrenaline for the silver price. It would indicate the renewal of institutional interest. It is interesting to note that silver’s strong run-up since last November has occurred in the absence of ETF buying.