Cost inflation for mining companies is likely to rise further this year, Meader said.
FORBES: Silver Institute: Global Silver-Mine Output Rises 4% To Record High In 2012
Still, Meader said, silver prices may not rise substantially until funds are willing to wade back into the market.
FORBES: INTERVIEW: Thomson Reuters GFMS: Silver Could Reclaim $30/Oz In 2013
However, Meader does not expect silver-mining output to be curtailed materially this year despite a decline in silver prices.
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