(New York City – April 17, 2024) On the heels of 2022’s record use of silver in industrial applications, a new record high was set in 2023 at 654.4 million ounces (Moz). Ongoing structural gains from green economy applications underpinned these advances as they did in 2022. Higher than expected photovoltaic (PV) capacity additions and faster adoption of new-generation solar cells raised global electrical & electronics demand by a substantial 20 percent. At the same time, other green-related applications, including power grid construction and automotive electrification, also contributed to the gains.

Overall, silver demand exceeded silver supply in 2023 for the third consecutive year, resulting in a structural market deficit of 184.3 Moz...[LINK]

PG Comment: Strong industrial demand and a fourth consecutive supply deficit should continue to underpin the price. Gains above the 2021 high of $30.14 would suggest potential to $35.35 based on a Fibonacci projection.