The president of Coeur d’Alene Mines is bullish on silver. Dennis Wheeler told a New Orleans investment conference recently that he was optimistic “several fundamental factors will lead to higher silver prices in the future.”
Noting that photography was the single largest consumer of silver (172 million oz consumed worldwide in 1987), he predicted that figure would rise to 210 million oz in the next five years.
“I expect this increase to absorb anticipated new mine production,” he said, adding that photographic consumption in mainland China, one of the world’s largest developing markets, appears to be greatly increasing.
Several other events could increase consumption and prices including growth in silver coinage, generally flat mine production, the decline of secondary supplies, new uses for silver, and growing usage in traditional sectors.
Wheeler argued that silver hasn’t been promoted as an investment or valuable consumer product by mining companies or fabricators. To counteract this, he said that major silver producers recently banded together and formed Silver International to further public awareness of the metal.
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