BMO: China’s 5G expansion ‘positive for silver demand’
China’s aggressive efforts to expand its 5G wireless network bode well for silver demand, said BMO Capital Markets.
The analysts cited reports that up to 18 provinces in China aim to build over 413,000 5G base stations this year, which BMO said “would be a positive for silver demand.”
The country’s Guandong province reportedly aims to build 60,000 5G stations this year, with 48,000 completed in the first three quarters. “Last week, China’s three major telecom carriers – China Mobile, China Unicorn and China Telecom – along with state-owned China Tower all pledged to accelerate their investment into 5G, in response to the government’s call to roll out new infrastructure projects that can revive domestic economic activity,” BMO said.
The Silver Institute issued a report last week saying silver “will be a necessary component in almost all aspects of this technology.” The Silver Institute report said global 5G-related silver demand is currently around 7.5 million ounces, but with increased 5G-related demand in future years, this is expected to increase to around 23 million ounces by 2030.
source: www.kitco.com
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