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***Bear Case***: This is a more pessimistic scenario. Here, the global economy faces a recession, and interest rates rise significantly. Inflation is tamed, reducing the need for safe-haven assets. Industrial demand growth slows, and there are technological advancements that reduce the need for silver. Mining production increases, and recycling rates improve. In this case, the price of silver could decrease, or at least experience slower growth. This would mean a much lower **silver price per gram in 2030**.
