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Ghali noted that this growth in demand and significant underinvestment in mine supply has created a “universally-recognized structural deficit.” Ghali added that this fundamental imbalance has been largely ignored as markets have focused on massive above-ground stocks instead.“For many years, market participants could safely assume that the behemoth stockpile of above-ground silver would be sufficiently large to satisfy any reasonable scale of demand growth,” Ghali said.
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