Silver's Rising Industrial Significance and Solar Panel Demand
Silver has gained significant industrial importance, particularly due to its role in solar panels. Although it has been relatively quiet recently, historical patterns show that it tends to remain stable before experiencing explosive growth. Solar panels alone accounted for 140 million ounces of silver last year, with exponential growth expected. The projected silver demand for solar panels is likely underestimated. Despite a surplus of 56 million ounces in 2020, the market swung to a record 237 million ounce deficit due to high demand. Forecasts suggest limited growth in new mine supply, leading to a marked deficit in the silver market for the next few years, which should drive bullish trends in its price.