The silver mining industry is snapping out of its pandemic-driven lows with rising demand for silver from reopening industries and from investors seeking a safe place to store value. Also, analysts are projecting significant growth in the silver production rate over the long term. Given this backdrop, Wall Street analysts expect SSR Mining (NASDAQ:SSRM) and Silvercorp (SVM) to rally by more than 45% in price in the near term. So, let’s examine these names.The pandemic adversely affected the silver mining industry last year, with eight of the top silver producers reporting a decline in output.
However, as mining has resumed with the gradual reopening of economies worldwide, analysts expect global silver production to increase by 8.1% in 2021 to 918.3 million ounces. Also, silver production is expected to exceed one billion ounces by 2024, growing at a 3.2% CAGR.
Given the promising industry outlook, Wall Street analysts project silver mining stocks, SSR Mining Inc. (SSRM) and Silvercorp Metals Inc . (NYSE:SVM) will rally by more than 45% in price in the near term.