Research from ACF Equity Research, ACF Equity Research

ACF Equity Research

Research from ACF Equity Research

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Thematic (Sector/Industry)

<p>Silver (Ag) is half store of value and half industrial metal. A hawkish Federal Reserve and spiking bond yields will create significant headwinds for the Ag price 2H22E. Any expectations for global recession, leading to an industrial cycle downturn will also push the silver price down. In 2H22E we assess that both weakening industrial activity (&gt;50% of global silver demand) and monetary policy trends will exert downward pressure on silver’s price. Beyond YE22E the physical silver supply deficit remains a positive for the silver price. As the world transitions to greener forms of energy and transport, the commensurate increasing use of silver in electronics and photovoltaics should support structural demand growth and so raise silver’s mid-term price beyond YE22E because of the structural silver supply deficit.</p>

Silver (Ag) is half store of value and half industrial metal. A hawkish Federal Reserve and spiking bond yields will create significant headwinds for the Ag price 2H22E. Any expectations for global recession, leading to an industrial cycle downturn will also push the silver price down. In 2H22E we assess that both weakening industrial activity (&gt;50% of global silver demand) and monetary policy trends will exert downward pressure on silver’s price. Beyond YE22E the physical silver supply deficit remains a positive for the silver price. As the world transitions to greener forms of energy and transport, the commensurate increasing use of silver in electronics and photovoltaics should support structural demand growth and so raise silver’s mid-term price beyond YE22E because of the structural silver supply deficit.

Silver Thematic ACF Equity Research 11082022

Switzerland

Glencore Plc is a diversified natural resources company. The Company operates in three groups: Metals and Minerals, Energy Products, and Agricultural Products. Glencore Plc offers its products and services around the world.

Glencore Plc (GLEN LN)

Silver Thematic ACF Equity Research 11082022

Silver (Ag) is half store of value and half industrial metal. A hawkish Federal Reserve and spiking bond yields will create significant headwinds...

ACF Equity Research