As for silver’s supply and demand fundamentals, our full-year projections for 2021 show gains for every single line in our supply-demand table. Mine production, for example, is expected to rise by 8 percent, as output recovers after last year’s COVID-19-related disruptions. Recycling is also expected to increase, helped by the stronger silver price. Overall, supply is forecast to rise by 8 percent to 1,056.3Moz (32,854t) in 2021. In our view, all of this is conducive to further price gains. We expect silver to rise to a peak of $32 later in the year and that it will average $27.30 overall in 2021, achieving a 33% y/y increase.