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October 05, 2021
GALENA MINING LTD. ("Galena" or the "Company") (ASX: G1A) announces that mining of the underground decline has commenced at its Abra Base Metals Project ("Abra" or the "Project").
Managing Director, Tony James commented, "Taking the first cut in the portal to start the underground decline at Abra is very exciting. This keeps us on track for first commercial production of our high-value, high-grade lead-silver concentrate at the start of 2023. It is also the historical beginning of mining in the very prospective Edmund Sedimentary Basin. Special appreciation is given to Byrnecut and the Abra team on site for the extremely professional approach taken to achieve the official commencement of underground mining at Abra".
Figure 1 – Jumbo drilling and first cut taken in the Abra Decline
Byrnecut Australia Pty Ltd ("Byrnecut"), the mining contractor for Abra, commenced operations for the underground decline on Tuesday 5 October following the deployment of people and equipment to the mine site, and completion of final box-cut preparation works and services installation.
Primary decline works are expected to continue for approximately 14-months to gain access to the orebody and with their commencement on-time, the Abra Base Metals Project remains on-track for first commercial ore production at the start of 2023.
Read the full article here.
G1A:AU
12 December 2022
Abra Construction At 97% Complete – First Ore Stockpiled For January Processing
GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) is pleased to announce that the construction progress at its Abra Base Metals Mine (“Abra” or the “Project”) has reached 97% complete as of 30 November 2022. Processing plant commissioning is progressing quickly with practical completion now expected in December 2022. Ore currently being mined from underground is being stockpiled in readiness for processing to begin in January 2023. Concentrate production will commence January 2023.
Managing Director, Tony James commented, “Record underground development in November with delivery of the first 9,000t of ore to the ROM pad along with successful plant commissioning to date puts Abra on the verge of a quick transition into production. Recruitment and other operational readiness activities are well advanced in preparation for January production”.
Figure 1 – First material being tipped into the crusher during commissioning (Photo 26 November).
Figure 2 – Crushing and screening plant commissioning (Photo 26 November).
The following link will show a short video of the Abra crusher commissioning. https://youtube.com/shorts/iSG58MiW_3o
Update on Abra Project progress
Overall progress continues as planned, with first concentrate production expected in Q1 CY2023, following ore commissioning in January 2023. Practical completion of the processing plant is now expected ahead of schedule in December 2022. The processing plant engineering, procurement and construction has reached 99% complete. Piping and electrical works have made significant progress and at the end of November were 96% and 92% complete, respectively. Mechanical items installation is almost complete at 99%.
In November, the first material was crushed and screened as part of the staged commissioning process. The crushing plant ran at design capacity and all commissioning milestones were successfully achieved. Dry commissioning also progressed in most areas of the plant including water and air services, tailings and concentrate thickening, grinding and reagents. Dry commissioning of the remaining areas will be completed in December. Water commissioning commenced in the tailings and concentrate thickening areas of the plant and the remaining areas are expected to be wet commissioned by the end of December. The remaining commissioning schedule is unchanged from the last update and is shown below in Table 1.
Click here for the full ASX Release
This article includes content from Galena Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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16 November 2022
Abra Construction At 92% Complete – Reaches First Ore Underground
GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) is pleased to announce that the construction progress at its Abra Base Metals Mine (“Abra” or the “Project”) has reached 92% complete as of 31 October 2022. Underground mine has reached the first ore (see ASX announcement 14 November 2022) and plant commissioning continues in several key areas with the project focussed on achieving first concentrate production in Q1 2023.
Managing Director, Tony James commented, “Reaching first ore underground is extremely rewarding for everyone involved in the project. To see for the first time what we have predicted and interpreted as the Abra orebody delivers a significant step forward for the project. Record development metres in October has taken the mine to the ore and we continue to establish key underground infrastructure with the completion of the 6m diameter surface rise that will be the primary return airway.”
Update on Abra Project progress
Overall progress continues to remain in line for Project completion, with first commercial production expected in Q1 CY2023. The processing plant engineering, procurement and construction has reached 97% complete. Structural steel has been completed in October and mechanical installations are at 96% complete. Piping at 80% and electrical at 71% complete continue to progress quickly.
Pacific Energy’s Hybrid 10MW LNG/solar power station completed full integration with the solar power supply, dry commissioning of the crushing and screening areas was completed in early November and first rock crushing is scheduled for late November. Grinding section dry and wet commissioning will commence in the second half of November and is planned for completion by mid-December. The remaining commissioning schedule is unchanged from the last update and is shown below in Table 1.
Mine decline development continued during October. A total of 311m was developed with the decline reaching 1,284mRL. October represents the highest individual development month since the first cut was fired in the portal in October 2021. The decline location is 266m vertically below the surface and is 29m vertically below the original top of the orebody (1313mRL). Underground drilling has now identified mineralisation as high as 1330mRL which is currently being reviewed for potential extraction. The 1300mRL ore access drive reached first ore in early November (See ASX announcement 14 November 2022).
The 1290mRL horizon is a significant work area for development as underground infrastructure for pumping, ventilation, second means of egress and power are all distributed from this level outwards into the development network. All this infrastructure is currently being established and will result in an increased focus on lateral development and lower decline development in the short term.
Click here for the full ASX Release
This article includes content from Galena Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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13 November 2022
Abra Mine Reaches Ore
GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) is pleased to announce that the underground development at its Abra Base Metals Mine (“Abra” or the “Project”) has reached the Abra orebody. Commissioning has commenced in several key areas of the processing facility and the Power Station (Pacific Energy) completed full integration of the hybrid gas/solar/battery energy storage system (BESS) power station on 10 November. The project remains on track for first concentrate production in Q1 2023.
Managing Director, Tony James commented, “Reaching first ore underground delivers another significant step in bringing the Abra project on-line. The first cut in the portal was taken in October 2021, and now 2,949m later and 250m below surface we have reached the orebody. Special acknowledgement needs to be given to Byrnecut and the Abra mining team for achieving this milestone, and everyone involved should be very proud of what they have achieved. It’s also important to acknowledge Pacific Energy and the Abra project team for the faultless commissioning of the power station and completing the full integration of the solar system”.
First ore heading underground has been reached on the 1300mRL access drive. Project to date (PTD) underground development to this point in time was 2,949m and first ore is 250m below the surface. Figure 2 below shows the mine development completed to the end of October 2022. The second underground development Jumbo has commenced at Abra in line with multiple headings being established and underground development is expected to increase accordingly. Underground grade control drilling continues and the 6m diameter return airway shaft drilling has been completed in November through to the surface.
On 20 October, the site changed over to mains power station with the commissioning of the Pacific Energy hybrid 10MW gas/solar/BESS power station. On the 10 November the system was fully integrated with the successful integration of the 6MW solar panels. The mine and general site infrastructure is running on mains power and plant commissioning to date includes the energisation of the crushing/screening sections.
Click here for the full ASX Release
This article includes content from Galena Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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31 October 2022
Galena Mining Activities Report For Quarter Ended 30 September 2022
GALENA MINING LTD. (“Galena” or the “Company”) (ASX: G1A) reports on its activities for the quarter ended 30 September 2022 (the “Quarter”), primarily focused on construction of its 60%- owned Abra Base Metals Mine (“Abra” or the “Project”) located in the Gascoyne region of Western Australia.
Highlights
- Abra Project 87% complete at end of the Quarter (14% of construction works completed during the Quarter). Project focus remains on underground access to the orebody and completion of the processing plant and remaining surface infrastructure.
- Underground development achieved 771m advance during the Quarter remaining on schedule with the decline reaching 1,300mRL. The decline is 13m below the top of the orebody and 250m below the surface.
- Overall processing plant construction has reached 93% complete. Plant engineering and drafting work is 100% complete and site construction work is 90% complete.
- All key overseas supplied equipment has arrived on site.
- Completed oversubscribed placement to raise A$17.2M.
- US$25M final debt drawdown was completed under the Taurus Debt Facilities.
- Cash balance at Quarter-end A$60.5M.
ABRA BASE METALS MINE (60%-OWNED)
Abra comprises a granted Mining Lease, M52/0776 and surrounding Exploration Licence E52/1455, together with several co-located General Purpose and Miscellaneous Leases. The Project is 100% owned by Abra Mining Pty Limited (“AMPL” the Abra Project joint-venture entity), which in turn is 60% owned by Galena, with the remainder owned by Toho Zinc Co., Ltd. (“Toho”) of Japan.
Abra is fully permitted and under construction. First production of its high-value, high-grade lead- silver concentrate is currently scheduled for the first quarter of 2023 calendar-year.
Click here for the full ASX Release
This article includes content from Galena Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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4h
Retail Investors Look to Trigger Silver Squeeze 2.0
Calls for mass purchases of silver on Monday (March 31) are gaining traction online, with proponents hoping to disrupt the dominance of major financial institutions in the precious metals market.
The movement appears to have originated from a March 22 post on X, formerly Twitter, made by user @TheSqueakyMouse, who urged their followers to band together to buy silver.
🚨March 31st, BUY SILVER🚨Lets take back price control and break the banks. Spread the word; who’s in. #silversqueeze pic.twitter.com/bLl0hk725D
— Sqeaky Mouse (@TheSqeakyMouse) March 22, 2025
The message quickly gained momentum, particularly after being amplified by analyst Jesse Colombo.
Colombo, who posts on X under the handle @TheBubbleBubble, has been vocal about what he claims is a longstanding suppression of the silver price by large financial institutions.
"Bullion banks like JPMorgan and UBS suppress silver prices through aggressive naked shorting — but a coordinated surge of physical buying could catch them off guard and break their hold on the market," he wrote on Substack.
Colombo and other supporters argue that financial institutions are suppressing silver prices through "naked shorting," a practice where banks take short positions on silver futures. He explained in his post that major banks currently hold net short positions of 44,583 silver futures contracts, equating to 223 million ounces of silver.
This means that for every US$1 increase in silver's price, these institutions could face US$223 million in losses.
By encouraging retail investors to purchase physical silver, the movement hopes to exert upward pressure on the price, potentially forcing banks to cover their short positions, leading to a short squeeze scenario.
Echoes of the 2021 silver squeeze
This is not the first time retail investors have attempted to challenge institutional short positions in silver.
The original silver squeeze in early 2021 followed the high-profile GameStop (NYSE:GME) short squeeze, where retail traders from the Reddit forum WallStreetBets successfully drove up GameStop’s share price, triggering massive losses for hedge funds. Social media users then set their sights on silver, hoping to create a similar outcome.
Although the enthusiasm pushed silver above US$30, the movement ultimately lost momentum.
In a March 28 conversation, David Morgan, publisher of the Morgan Report, told the Investing News Network he was skeptical that the silver squeeze's second iteration would have a strong impact.
"Honestly, I don’t think it’s going to have that much of an effect this time ... The retail market in silver is languishing. One major wholesaler even had net negative demand, meaning more sells than buys, in the last couple of weeks."
Morgan also pointed out that the first silver squeeze benefited from a perfect storm of retail enthusiasm, a low silver price and a post-GameStop wave of anti-Wall Street sentiment. This time, he believes, momentum is weaker, with higher prices and declining retail interest in silver compared to previous years.
Market reactions and price movements
The silver price stayed relatively steady ahead of Monday, with some minor upticks.
One key factor to watch will be the demand for physical silver versus paper silver (such as futures contracts or silver exchange-traded funds). If enough investors opt for physical bullion — rather than financial instruments that may not require actual silver delivery — it could create supply constraints that drive the metal higher.
Whether the Silver Squeeze 2.0 succeeds in significantly impacting the silver market remains to be seen. Whatever the result, the movement has reignited discussions about potential price suppression in the precious metals market and raised awareness about how retail investors can influence commodity markets.
The white metal reached a high of US$34.40 on Monday.
As of 2:55 p.m EST the silver price was holding in the US$34.03 range, marking a 3 percent uptick over the last five days and a 16.34 percent increase since the start of 2025.
Don't forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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4h
Could the Silver Price Really Hit $100 per Ounce?
Will First Majestic Silver CEO’s silver price prediction of more than US$100 per ounce come true?
The silver spot price made waves in 2020 when it rose above US$20 per ounce for the first time in four years, and the precious metal has repeatedly tested US$30 per ounce since.
Since September of 2024, silver has held above US$30, and on October 22 the silver price reached a 12-year high when it came close to breaking through the US$35 mark. While it fell back by November, the US$30 level has served as a floor.
Well-known figure Keith Neumeyer, CEO of First Majestic Silver (TSX:FR,NYSE:AG), has frequently said he believes the white metal could climb even further, to hit the US$100 mark or even reach as high as US$130 per ounce.
Neumeyer has voiced this opinion often in recent years. He put up a US$130 price target in a November 2017 interview with Palisade Radio, and he also discussed it in an August 2022 interview with Wall Street Silver. He has reiterated his triple-digit silver price forecast in multiple interviews with Kitco over the years, as recently as March 2023.
In 2024, Neumeyer has made his US$100 call in a conversation with ITM Trading’s Daniela Cambone at the Prospectors & Developers Association of Canada (PDAC) convention; and in April he acknowledged his reputation as the "triple-digit silver guy" on the Todd Ault Podcast.
He believes silver could hit US$100 due to a variety of factors, including its consistent deficit, its industrial demand and how undervalued it is compared to gold.
At times he’s been even bolder, suggesting in 2016 that silver could reach US$1,000 if gold were to hit US$10,000. More recently, his expected timeline for US$100 silver has been pushed back, but he remains very bullish on the metal in the long term.
In order to better understand where Neumeyer’s opinion comes from and whether a triple-digit silver price is really in the cards, it’s important to take a look at the factors that affect the metal’s movements, as well as where prices have been in the past and where other industry insiders think silver could be headed. First, let’s dive a little deeper into Neumeyer’s US$100 prediction.
In this article
Why is Neumeyer calling for a US$100 silver price?
There’s a significant distance for silver to go before it reaches the success Neumeyer has boldly predicted. In fact, in order for the precious metal to jump to the US$100 mark, its price would have to increase from its current value by around 200 percent.
Neumeyer has previously stated that he expects a triple-digit silver price in part because he believed the market cycle could be compared to the year 2000, when investors were sailing high on the dot-com bubble and the mining sector was down. He thinks it’s only a matter of time before the market corrects, like it did in 2001 and 2002, and commodities see a big rebound in pricing. It was during 2000 that Neumeyer himself invested heavily in mining stocks and came out on top.
“I’ve been calling for triple-digit silver for a few years now, and I’m more enthused now,” Neumeyer said at an event in January 2020, noting that there are multiple factors behind his reasoning. “But I’m cautiously enthused because, you know, I thought it would have happened sooner than it currently is happening.”
In his August 2022 with Wall Street Silver, he reiterated his support for triple-digit silver and said he's fortunately not alone in this optimistic view — in fact, he's been surpassed in that optimism. "I actually saw someone the other day call for US$500 silver," he said. "I'm not quite sure I'm at the level. Give me US$50 first and we'll see what happens after that."
Another factor driving Neumeyer's position is his belief that the silver market is in a deficit. In a May 2021 interview, when presented with supply-side data from the Silver Institute indicating the biggest surplus in silver market history, Neumeyer was blunt in his skepticism. “I think these numbers are made up,” he said. “I wouldn’t trust them at all.”
He pointed out that subtracting net investments in silver exchange-traded products leaves the market in a deficit, and also questioned the methodology behind the institute’s recycling data given that most recycled silver metal comes from privately owned smelters and refineries that typically don’t make those figures public.
"I'm guessing the mining sector produced something in the order of 800, maybe 825 million ounces in 2022," Neumeyer said when giving a Q4 2022 overview for his company. "Consumption numbers look like they're somewhere between 1.2 and 1.4 billion ounces. That's due to all the great technologies, all the newfangled gadgets that we're consuming. Electric vehicles, solar panels, windmills, you name it. All these technologies require silver … that's a pretty big (supply) deficit."
In a December 2023 interview with Kitco, Neumeyer stressed that silver is more than just a poor man's gold and he spoke to silver's important role in electric vehicles and solar cells.
In line with its view on silver, First Majestic is a member of a consortium of silver producers that in January 2024 sent a letter to the Canadian government urging that silver be recognized as a critical mineral. Silver's inclusion on the list would allow silver producers to accelerate the development of strategic projects with financial and administrative assistance from the Canadian government. Canada's critical minerals list is expected to get an update in the summer of 2024.
In his 2024 PDAC interview, Neumeyer once again highlighted this sizable imbalance in the silver’s supply-demand picture. “We’re six years into this deficit. The deficit in 2024 looks like it’s gonna be bigger than 2023, and why is that? Because miners aren’t producing enough silver for the needs of the human race,” he said.
More controversially, Neumeyer is of the opinion that the white metal will eventually become uncoupled from its sister metal gold, and should be seen as a strategic metal due to its necessity in many everyday appliances, from computers to electronics, as well as the technologies mentioned above. He has also stated that silver production has gone down in recent years, meaning that contrary to popular belief, he believes the metal is actually a rare commodity.
Neumeyer's March 2023 triple-digit silver call is a long-term call, and he explained that while he believes gold will break US$3,000 this year, he thinks silver will only reach US$30 in 2023. However, once the gold/silver ratio is that unbalanced, he believes that silver will begin to take off, and it will just need a catalyst.
"It could be Elon Musk taking a position in the silver space," Neumeyer said. "There's going to be a catalyst at some time, and headlines in the Wall Street Journal might talk about the silver supply deficit … I don't know what the catalyst will be, but investors and institutions will wake up to the fundamentals of the metal, and that's when it will start to move."
In an August 2023 interview with SilverNews, Neumeyer discussed his belief that banks are holding the silver market down. He pointed to the paper market for the metal, which he said the banks have capped at US$30 even in times of high buying.
"If you want to go and buy 100 billion ounces of silver (in the paper market), you might not even move the price because some bank just writes you a contract that says (you own that)," he explained, saying banks are willing to get short, because once the buying stops, they push the price down to get the investors out of the market and buy the silver back. "... If the miners started pulling their metal out of the current system, then all of a sudden the banks wouldn't know if they're going to get the metal or not, so they wouldn't be taking the same risks they're taking today in the paper markets."
The month after the interview, his company First Majestic launched its own 100 percent owned and operated minting facility, named First Mint.
In 2024, gold experienced a resurgence in investor attention as the potential for Fed rate cuts came into view. In his interview with Cambone at PDAC 2024, Neumeyer countered that perception, stating, “There’s a rush into gold because of the de-dollarization of the world. It has nothing to do with the interest rates.”
What factors affect the silver price?
In order to glean a better understanding of the precious metal’s chances of trading around the US$100 range, it’s important to examine the elements that could push it to that level or pull it further away.
The strength of the US dollar and US Federal Reserve interest rate changes are factors that will continue to affect the precious metal, as are geopolitical issues and supply and demand dynamics. Although Neumeyer believes that the ties that bind silver to gold need to be broken, the reality is that most of the same factors that shape the price of gold also move silver.
For that reason, it’s helpful to look at gold price drivers when trying to understand silver’s price action. Silver is, of course, the more volatile of the two precious metals, but nevertheless it often trades in relative tandem with gold.
Looking first at the Fed and interest rates, it's useful to understand that higher rates are generally negative for gold and silver, while lower rates tend to be positive. That's because when rates are higher interest shifts to products that can accrue interest.
When the COVID-19 pandemic hit, the Fed cut rates down to zero from 1 to 1.25 percent. However, rising inflation led the Fed and other central banks to hike rates, which negatively impacted gold and silver. In February 2023, the Fed raised rates by just 25 basis points, the smallest hike since March 2022, as Chair Jerome Powell said the process of disinflation has begun. The Fed continued these small rate hikes over the next year with the last in July 2023.
In this leg of the upward cycle of the silver market, Fed interest rate moves have played an oversized role in pumping up silver prices. In early July, as analysts factored in the rising potential for interest rate cuts in the remainder of 2024, silver prices were once again testing May's nearly 12-year high, and they topped US$31 in September in the days leading up to the anticipated first rate cut.
While central bank actions are important for gold, and by extension silver, another key price driver lately has been geopolitical uncertainty. The past few years have been filled with major geopolitical events such as tensions between the US and other countries such as North Korea, China and Iran. The huge economic impact of the COVID-19 pandemic, the banking crisis in early 2023, Russia's ongoing war with Ukraine, and rising tensions in the Middle East brought about by the Israel-Hamas war have been sources of concern for investors.
More recently, US President Donald Trump's penchant for tariffs has rattled stock markets and ratcheted up the level of economic uncertainty pervading the market landscape in 2025. This has proved price positive for gold, bringing silver along for the ride.
However, silver's industrial side can not be ignored. In the current environment, the industrial case of silver is weakening in the short term; but longer term still holds some prospects for larger gains.
Higher industrial demand from emerging sectors due to factors like the transition to renewable energy and the emergence of AI technology will be highly supportive for the metal over the next few years. Solar panels are an especially exciting sector as manufacturers have found increasing the silver content increases energy efficiency.
Speaking with the Investing News Network (INN) in late June of 2024, Chen Lin of Lin Asset Management said that solar panels represent a "killer app" for silver — a technological application that will lead to a strong surge in demand. Lin pointed a new report from Bernreuter Research that sees global photovoltaic installations rising from 444 gigawatts in 2023 to a range of 600 to 660 gigawatts of newly installed solar capacity in 2024.
Could silver hit US$100 per ounce?
While we can't know if we'll reach a $100 per ounce silver price in the near future, there is support for Neumeyer’s belief that the metal is undervalued and that “ideal conditions are present for silver prices to rise.”
Many are on board with Neumeyer in the idea that silver's prospects are bright, including Peter Krauth of Silver Stock Investor, who believes that "we are very likely going to experience the greatest silver bull market of our generation."
So, if the silver price does rise further, how high will it go?
Let’s look at silver’s recent history. The highest price for silver was just under US$50 in the 1970s, and it came close to that level again in 2011. The commodity’s price uptick came on the back of very strong silver investment demand. While it has yet to reach these levels again, the silver price has increased significantly in recent years.
After spending the latter half of the 2010s in the teens, the 2020s have seen silver largely hold above US$20. In August 2020, the price of silver reached nearly US$28.50 before pulling back again, and moved back up near those heights in February 2021. The price of silver saw a 2022 high point of US$26.46 in February, and passed US$26 again in both May and November 2023.
Silver rallied in the later part of the first quarter of 2024, and by April 12 was once again flirting with the US$30 mark as it reached an 11 year high of US$29.26. Despite a brief pull back to the US$26 level, the month of May saw the silver price take another run at US$30, this time successfully pushing into US$32 territory on May 19. Silver prices experienced volatility for much of the third quarter, ranging from a high of US$31.39 on July 11 to a low of US$26.64 on August 7.
The price of silver had a nice run in late October of 2024 in the lead up to the election, rising up to US$34.80 on October 22. However, a stronger dollar and signs that the Federal reserve may not be so quick to cut interest rates as deeply as previously expected were seen as price negative for silver. The precious metal's price was in a downward slide for much of November.
Fed Chair Jerome Powell has "indicated that the central bank is in no rush to lower rates, citing a strong economy, a solid labor market, and persistent inflation," according to Trading Economics. "Silver also faced additional pressure from Donald Trump’s election victory, as markets anticipated inflationary policies and a more aggressive stance toward China, which could dampen demand for the metal."
For much of the first quarter of 2025, silver has followed gold higher on factors including persistent inflationary pressures brought on by Trump’s aggressive tariff announcements and the ongoing geopolitical risks in the Middle East.
As of March 31, 2025, the price of silver was above the US$34 mark, up almost 16 percent since the beginning of the year.
What do other experts think about US$100 silver?
Many experts in the space expect silver to perform strongly in the years to come, but don't necessarily see it reaching US$100 or more, especially given the current macroeconomic conditions.
As mentioned, some experts, including Peter Krauth, agree with the triple digit silver hypothesis. In a May 2022 interview with INN, he explained that there are multiple paths silver could take to get to the triple digits.
"As I was doing my research, and this goes back over several years already, I would get to that US$300 forecast for an ultimate high in the silver price in different ways," he said, and broke down what a low gold/silver ratio — like we've seen the previous times that silver has peaked — could mean for the metal's price in the future.
For his part, Chen Lin of Lin Asset Management told INN in June 2024 that he thinks US$50 silver is a possibility once the market finally begins to factor in the growing supply-demand gap. As Lin sees it silver miners have cut production in recent years as they struggled to remain profitable in the lower silver price landscape. This decline in mine supply poses a problem for rising industrial demand for silver.
Breaking through the historic US$50 ceiling will likely happen in quick, sharp daily spikes in the modern AI trading environment, he said, and it could potentially be "the first step" toward even higher silver prices, including $100 silver. "The key is that people really fully understand and appreciate the actual (supply) deficit of silver," Lin noted.
In October 2024, Lynette Zang, CEO of Zang Enterprises, spoke with the Investing News Network about her outlook for gold and silver prices. "We'll see, but it wouldn't surprise me to see the (gold) spot market break US$3,000 (per ounce) by the end of this year," she said, adding that silver could finish 2024 at the US$50 per ounce level. Zang sees the world's central banks preparing for hyperinflation.
Speaking with INN at PDAC in March 2025, Krauth said he sees serious tightening in the silver market as secondary supplies are depleted and that is beginning to get attention from market participants. This makes the potential for the silver price to revisit US$35 per ounce "very realistic and likely in the first half of (2025)" before moving on to US$40 by the end of the year.
David Morgan of the Morgan Report also sees potential for US$40 silver or higher in 2025. In a March 2025 interview with INN, he explained that once the price of silver can maintain the US$34 price level there will be much less upside price resistance as market participants begin to anticipate the potential for further price increases. However, he cautions that the market is not acting like one with very little resistance.
Analyst firm InvestingHaven is very bullish on the silver market and is expecting prices to test all-time highs in 2025, moving as high as US$49 per ounce, before blasting through new records in the next few years. InvestingHaven even sees the precious metal reaching as high as US$77 in 2027 and US$82 by 2030.
These predictions seem modest compared to Neumeyer's call for silver in the triple digits. However, he is not alone in his thinking. Willem Middelkoop of Commodity Discovery Fund told INN on the sidelines of PDAC 2025 that he believes silver could easily reach US$100 sometime over the next decade, advising investors to include physical silver in their portfolio. "One day the market will run, and if you're not in, you won't win it," he said.
FAQs for silver
Can silver hit $1,000 per ounce?
In 2016, Neumeyer predicted that silver could hit $1,000 per ounce if gold ever climbed to US$10,000 per ounce. This is related to the gold to silver production ratio discussed above, which at the time of the prediction was around 1 ounce of gold to 9 ounces of silver and last year was about 1:8.3.
If silver was priced according to production ratio today, when gold is at US$2,000 silver would be around US$240, or US$222 at 1:9. However, the gold to silver pricing ratio has actually sat around 1:80 to 1:90 recently, and when gold moved above US$2,400 in May 2024, silver was around US$32. Additionally, even if pricing did change drastically to reflect production rates, gold would need to climb by more than 300 percent from its current price to hit the US$10,000 Neumeyer mentioned back in 2016.
As things are now, it seems unlikely silver will reach those highs.
Why is silver so cheap?
The primary reason that silver is sold at a significant discount to gold is supply and demand, with more silver being mined annually. While silver does have both investment and industrial demand, the global focus on gold as an investment vehicle, including countries stockpiling gold, can overshadow silver. Additionally, jewelry alone is a massive force for gold demand.
There is an abundance of silver — according to the US Geological Survey, to date 1,740,000 metric tons (MT) of silver have been discovered, while only 244,000 MT of gold have been found, a ratio of about 1 ounce of gold to 7.1 ounces of silver. In terms of output, 25,000 MT of silver were mined in 2024 compared to 3,300 MT for gold. Looking at these numbers, that puts gold and silver production at about a 1:7.5 ratio last year, while the price ratio on March 31, 2025, was around 1:92 — a huge disparity.
Is silver really undervalued?
Many experts believe that silver is undervalued compared to fellow currency metal gold. As discussed, their production and price ratios are currently incredibly disparate.
While investment demand is higher for gold, silver has seen increasing time in the limelight in recent years, including a 2021 silver squeeze that saw new entrants to the market join in.
Another factor that lends more intrinsic value to silver is that it's an industrial metal as well as a precious metal. It has applications in technology and batteries — both growing sectors that will drive demand higher.
Silver's two sides has been on display in recent years: Silver demand hit record highs in 2022, according to the Silver Institute, with physical silver investment rising by 22 percent and industrial by 5 percent over 2021. For 2023, industrial demand was up 11 percent over the previous year, compared to 28 percent decline in physical silver investment.
Is silver better than gold?
There are merits for both metals, especially as part of a well-balanced portfolio. As many analysts point out, silver has been known to outperform its sister metal gold during times of economic prosperity and expansion.
On the other hand, during economic uncertainty silver values are impacted by declines in fabrication demand.
Silver’s duality as a precious and industrial metal also provides price support. As a report from the CPM Group notes, “it can be seen that silver in fact almost always (but not always) out-performs gold during a gold bull market.”
At what price did Warren Buffet buy silver?
Warren Buffett's Berkshire Hathaway (NYSE:BRK.A,NYSE:BRK.B) bought up 37 percent of global silver supply between 1997 and 2006. Silver ranged from US$4 to US$10 during that period.
In fact, between July 1997 and January 1998 alone, the company bought about 129 million ounces of the metal, much of which was for under US$5. Adjusted for inflation, the company's purchases in that window cost about US$8.50 to US$11.50.
How to invest in silver?
There are a variety of ways to get into the silver market. For example, investors may choose to put their money into silver-focused stocks by buying shares of companies focused on silver mining and exploration. As a by-product metal, investors can also gain exposure to silver through some gold companies.
There are also silver exchange-traded funds that give broad exposure to silver companies and the metal itself, while more experienced traders may be interested in silver futures. And of course, for those who prefer a more tangible investment, purchasing physical bullion in silver bar and silver coin form is also an option.
Private investor Don Hansen shared his strategies with INN for investing in precious metals, as well as a guide for building a low-risk gold and silver portfolio.
This is an updated version of an article originally published by the Investing News Network in 2016.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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22h
David Morgan: Silver Squeeze 2.0 — Will Price Run on March 31?
Will a second iteration of the silver squeeze move the metal's price on Monday (March 31)?
David Morgan, publisher of the Morgan Report, shares his thoughts on what's to come.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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26 March
Silver Tiger Metals Inc. Announces Bought Deal Financing
Silver Tiger Metals Inc. (TSXV: SLVR) (OTCQX: SLVTF) (the "Company" or "Silver Tiger") is pleased to announce it has entered into an agreement with Stifel Canada and Desjardins Capital Markets, to act as co-lead underwriters (together, the "Co-Lead Underwriters") and joint bookrunners (together with a syndicate of underwriters, the "Underwriters") pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 45,455,000 common shares of the Company (the "Common Shares") at a price of C$0.33 per Common Share (the "Offering Price") for gross proceeds to the Company of approximately C$15,000,150 (the "Offering").
The Company will grant the Underwriters an option, exercisable, in whole or in part, at any time until and including 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering. If this option is exercised in full, an additional C$2,250,023 in gross proceeds will be raised pursuant to the Offering and the aggregate gross proceeds of the Offering will be approximately C$17,250,173.
The Company plans to use the net proceeds from the Offering to fund exploration and development expenditures at the Company's El Tigre Project in Mexico, as well as for working capital and general corporate purposes. The Common Shares will be offered by way of a short form prospectus to be filed in all provinces of Canada, except Québec. The Common Shares will also be sold to U.S. buyers on a private placement basis pursuant to an exemption from the registration requirements in Rule 144A of the United States Securities Act of 1933, as amended, and other jurisdictions outside of Canada provided that no prospectus filing or comparable obligation arises.
The Offering is scheduled to close on or about April 14, 2025 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange and the securities regulatory authorities.
The Preliminary and Final Prospectus' will be filed with the securities commissions in each of the provinces of Canada, except Quebec, and will be available on SEDAR+ at www.sedarplus.ca. Alternatively, the Preliminary and Final Prospectus' may be obtained upon request by contacting the Company or Stifel in Canada, attention: ProspectusCanada@stifel.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "1933 Act") and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act, as amended, and application state securities laws.
About Silver Tiger and the El Tigre Historic Mine District
Silver Tiger Metals Inc. is a Canadian company whose management has more than 25 years' experience discovering, financing and building large hydrothermal silver projects in Mexico. Silver Tiger's 100% owned 28,414 hectare Historic El Tigre Mining District is located in Sonora, Mexico. Principled environmental, social and governance practices are core priorities at Silver Tiger. The El Tigre historic mine district is located in Sonora, Mexico and lies at the northern end of the Sierra Madre silver and gold belt which hosts many epithermal silver and gold deposits, including Dolores, Santa Elena and Las Chispas at the northern end. In 1896, gold was first discovered on the property in the Gold Hill area and mining started with the Brown Shaft in 1903. The focus soon changed to mining high-grade silver veins in the area with production coming from 3 parallel veins the El Tigre Vein, the Seitz Kelley Vein and the Sooy Vein. Underground mining on the middle El Tigre vein extended 1,450 meters along strike and was mined on 14 levels to a depth of approximately 450 meters. The Seitz Kelley Vein was mined along strike for 1 kilometer to a depth of approximately 200 meters. The Sooy Vein was only mined along strike for 250 meters to a depth of approximately 150 meters. Mining abruptly stopped on all 3 of these veins when the price of silver collapsed to less than 20¢ per ounce with the onset of the Great Depression. By the time the mine closed in 1930, it is reported to have produced a total of 353,000 ounces of gold and 67.4 million ounces of silver from 1.87 million tons (Craig, 2012). The average grade mined during this period was over 2 kilograms silver equivalent per ton. The El Tigre silver and gold deposit is related to a series of high-grade epithermal veins controlled by a north-south trending structure cutting across the andesitic and rhyolitic tuffs of the Sierra Madre Volcanic Complex within a broad silver and gold mineralized prophylitic alteration zone developed in the El Tigre Formation that can be up to 150 meters wide. The veins dip steeply to the west and are typically 0.5 meter wide but locally can be up to 5 meters in width. The veins, structures and mineralized zones outcrop on surface and have been traced for 5.3 kilometers along strike in our brownfield exploration area. Historical mining and exploration activities focused on a 1.6 kilometer portion of the southern end of the deposits, principally on the El Tigre, Seitz Kelly and Sooy veins. The under explored Caleigh, Benjamin, Protectora and the Fundadora exposed veins continue north for more than 3 kilometers. Silver Tiger has delivered its maiden 43-101 compliant resource estimate and is currently drilling to update its resource estimate and publish a PEA
VRIFY Slide Deck and 3D Presentation – Silver Tiger's El Tigre Project
VRIFY is a platform being used by companies to communicate with investors using 360° virtual tours of remote mining assets, 3D models and interactive presentations. VRIFY can be accessed by website and with the VRIFY iOS and Android apps. Access the Silver Tiger Metals Inc. Company Profile on VRIFY at: https://vrify.com The VRIFY Slide Deck and 3D Presentation for Silver Tiger Metals Inc. can be viewed at: https://vrify.com/explore/decks/492 and on the Corporation's website at: www.silvertigermetals.com.
Procedure, Quality Assurance / Quality Control and Data Verification
The diamond drill core (HQ size) is geologically logged, photographed and marked for sampling. When the sample lengths are determined, the full core is sawn with a diamond blade core saw with one half of the core being bagged and tagged for assay. The remaining half portion is returned to the core trays for storage and/or for metallurgical test work. The sealed and tagged sample bags are transported to the Bureau Veritas facility in Hermosillo, Mexico. Bureau Veritas crushes the samples (Code PRP70-250) and prepares 200-300 gram pulp samples with ninety percent passing Tyler 200 mesh (Code PUL85). The pulps are assayed for gold using a 30-gram charge by fire assay (Code FA430) and over limits greater than 10 grams per tonne are re-assayed using a gravimetric finish (Code FA530). Silver and multi-element analysis is completed using total digestion (Code MA200 Total Digestion ICP). Over limits greater than 100 grams per tonne silver are re-assayed using a gravimetric finish (Code FA530). Quality assurance and quality control ("QA/QC") procedures monitor the chain-of-custody of the samples and includes the systematic insertion and monitoring of appropriate reference materials (certified standards, blanks and duplicates) into the sample strings. The results of the assaying of the QA/QC material included in each batch are tracked to ensure the integrity of the assay data. All results stated in this announcement have passed Silver Tiger's QA/QC protocols.
Qualified Person
David R. Duncan, P. Geo., V.P. Exploration of the Corporation, is the Qualified Person for Silver Tiger as defined under National Instrument 43-101. Mr. Duncan has reviewed and approved the scientific and technical information in this press release.
CAUTIONARY STATEMENT:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact included in this release, including, without limitation, statements regarding potential mineralization, resources and reserves, the ability to convert inferred resources to indicated resources, the ability to complete future drilling programs and infill sampling, the ability to extend resource blocks, the similarity of mineralization at El Tigre to Delores, Santa Elena and Chispas, exploration results, and future plans and objectives of Silver Tiger, are forward-looking statements that involve various risks and uncertainties. Forwardlooking statements are frequently characterized by words such as "may", "is expected to", "anticipates", "estimates", "intends", "plans", "projection", "could", "vision", "goals", "objective" and "outlook" and other similar words. Although Silver Tiger believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, there can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Silver Tiger's expectations include risks and uncertainties related to exploration, development, operations, commodity prices and global financial volatility, risk and uncertainties of operating in a foreign jurisdiction as well as additional risks described from time to time in the filings made by Silver Tiger with securities regulators.
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24 March
Transformational Acquisition of the High-Grade Elizabeth Hill Silver Project
A 180km2 tenement package located in Western Australia and completion of a $3M Placement
Errawarra Resources Ltd (ASX: ERW) (Errawarra or the Company) is delighted to announce that it has entered binding agreements (refer Acquisition Terms) pursuant to which the Company has acquired 70% of the historical Elizabeth Hill Silver Project (“Project” or “Elizabeth Hill”), 70% of the silver rights to the Pinderi Hills Project tenement package and 70% of the ownership of 3 tenements or tenement applications surrounding the silver project. This collective tenement package totalling 180km2 is in the Tier 1 mining jurisdiction of the Pilbara, Western Australia (Figure 2 – Project Location).
HIGHLIGHTS:
- Transformational acquisition of the high-grade Elizabeth Hill Silver Project in the West Pilbara mining region of Western Australia
- Acquisition agreed in conjunction with a $3 million placement to existing shareholders and new investors including major fund investors
- Historical production of 1.2Moz Ag from 16kt ore (~2,194 g/t Ag head grade)1 over only 1 year of operation
- Elizabeth Hill mining operations ceased in 2000 due to declining silver prices (~USD $5/oz)2
- Requisite geology and structure present, with the Project located on a major ultramafic complex with multiple high grade silver drill intercepts including3:
- 11.7 m @ 5,371 g/t Ag from 13m (21EHDD003)
- 24 m @ 1,228 g/t Ag from 64m (AMEHRC009)
- 43 m @ 370 g/t Ag from 0m (22AMC001); and
- 24.8m @ 915 g/t Ag from 2m (21EHDD001)
- Errawarra becomes the first explorer to consolidate the Elizabeth Hill Mine and the surrounding land package of 180km2, which covers additional highly prospective underexplored areas for silver mineralisation
- Experienced precious metals geologist Mr. Robert Mosig has joined the board to assist in fast-tracking forward development and exploration activities at Elizabeth Hill
- Highly respected ERM Consultants led by Mr Ian Stockton have already commenced analysis of the Elizabeth Hill geological setting including comparisons with analogous projects globally to assist in target generation
- Project located on a granted mining lease (ML) and all the required exploration/drilling approvals are in place to fast track immediate drilling post site visit and target prioritisation
- Errawarra to be renamed West Coast Silver Limited (proposed ASX code: WCE) subject to shareholder approval
The Elizabeth Hill Project acquisition is conditional upon meeting the condition precedent and obtaining the relevant approvals, amongst others, Errawarra entering into separate joint venture agreements with Alien Metals Limited (Alien) (AIM: UFO) and GreenTech Metals Limited (GreenTech).
This transformational acquisition ensures that the Company is now underpinned by a high-grade historical producing silver asset, with significant resource growth potential and future low-cost operational opportunities in a Tier 1 global mining jurisdiction.
Chairman Thomas Reddicliffe commented:
“This is an exceptional opportunity for our shareholders, and we are fortunate to have secured an interest in the Elizabeth Hill Silver Project and extensions. This will enhance our existing exploration projects in the same region of Western Australia with the addition of an interest in a high-grade past producing silver asset with growth potential not previously tested.”
“The combination of existing high-grade silver intercepts signify growth potential and compelling exploration prospectivity at both near mine and regional targets. With Elizabeth Hill being located on an approved mining lease, this presents an opportunity for the Company to fast-track drilling and, if successful, mining supported by a buoyant silver market driven by strong investor demand and global issues.”
“We look forward to immediately getting work underway with regular news in the near future”.
Figure 1 - Australia’s largest native silver nugget “The Karratha Queen” recovered from the Elizabeth Hill Mine during the past mining operation weighs in at 145kg, measures an impressive 85 x 38 x 47cm and contains approx. 3,520 ounces of silver displayed at The Perth Mint. Photo courtesy of The Perth Mint.
Click here for the full ASX Release
This article includes content from Errawarra Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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19 March
Dana Samuelson: Silver Facing Supply Shock, Will Price Hit Tipping Point?
Dana Samuelson, president of American Gold Exchange, sheds light on key questions in the gold and silver market, including why the metals are flowing into the US in such large amounts.
He also shares his outlook on gold and silver prices, as well as the US economy.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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