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He noted that between 2016 and 2021, mining production in gold fell 7%. At the same time, the silver mine supply has dropped 8.5%. "Movements in gold and silver prices are more often attributed exclusively to demand-side factors," he said."Our analysis suggests, however, that demand-side and supply-side factors combined to produce the decades-long bull and bear market and that neither side of the demand-supply equation was solely responsible for gold and silvers' price movements."
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