A 24% year-on-year drop in the average annual silver price in 2013 to US$23.79 per oz and an average price for the precious metal of US$19.71 per oz in the third quarter of this year continues to put pressure on silver producers.
But the mood at the recent 13th China International Silver Conference in China’s northern coastal city of Tianjin was remarkably upbeat, says Michael DiRienzo, the executive director of the Washington, D.C.-based Silver Institute and one of the annual conference’s sponsors.
“It’s a challenging time but producers are doing everything they can to address the current market,” says DiRienzo, who recently returned from the three-day meeting of over 400 delegates that ran from Sept. 24-26. “On the whole, they’re doing what they need to do. I would say the conference mood was optimistic for the future of silver given the duality of the metal – that there is both industrial and investor demand.”
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