Rising industrial demand, rigid supply and a market in continuous deficit since 2020.
⚡ The photovoltaic boom isn’t slowing down: total silver demand is expected to reach between 48,000 and 54,000 tonnes per year, with the solar sector alone accounting for up to 40% of global consumption.
⚒️ On the supply side, 72% of silver is produced as a byproduct, and any new primary mine takes nearly a decade to come online. Supply elasticity is almost zero.
Even after factoring in more recycling and lower silver intensity per solar cell, the model shows that by 2030, supply would cover at best 70% of demand — leaving a gap that someone will have to fill… or that prices will eventually correct for.
https://www.sciencedirect.com/science/article/abs/pii/S0921344925004392
$SSLN (+0.47%)
$SILG (+0.71%)
$PHAG (+0.82%)
$XAD6 (+0.73%)
$SIVR (+0.39%)
$SLV (+0.69%)
$SIL (+0.48%)
$SILJ
$PAAS (+0.67%)
$AG (-0%)
$EDR (+3.04%)
$SVM (+3.23%)
$MAG
$HL (-0.16%)
$SAMG
$AYA (-1.51%)
