Global Sales: Sales of silver bars and coins decreased in 2023. This decline must be viewed against the substantial growth from 2020 to 2022. Reduced demand in Germany was due to added taxes, while in India, lower purchasing was due to record-high local prices. Conversely, the US saw healthy safe-haven buying due to the regional banking crisis.

Macroeconomic Environment: Despite a favorable environment for precious metals, gold has been the primary focus due to its clear monetary characteristics, greater acceptance as a safe haven for investors' portfolios, and significant year-over-year increases in buying by central banks as a reserve currency.

Institutional Influence: Unlike gold, silver is largely influenced by institutional investors who engage in speculation for profit due to its high volatility. Recently, interest has shifted towards tech stocks and cryptocurrencies. However, as these markets conclude their bull cycles, it is expected that silver will attract significantly more attention from institutional investors.

Industrial Demand: Even with robust industrial demand for silver, investor interest has been tempered by a sluggish Chinese economy.

Aboveground Inventories: High levels of aboveground inventories have been a significant challenge for silver. While current inventories appear sufficient, they are ultimately finite. These ample supplies have prevented any physical squeeze in the market, despite strong supply-demand dynamics. The global silver market's underlying health is evident in the significant physical deficit recorded last year, the second highest on record, surpassed only by 2022.

It is important to note that while silver is often expected to outperform gold in bullish markets, this does not occur every year within the larger bull market cycle. Although a significant price rise may not happen immediately, silver is likely to see substantial price gains in the future.