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Since early-March, precious metals have launched one of their sharpest rallies in decades. Gold surged by 16% and silver by 26%, which are significant moves for safe-haven assets — especially considering that it played out over such a short time period. During this rally, gold has received the lion's share of the attention because it has been hitting all-time highs, while silver has yet to exceed its 2021 high of $30.13 — let alone its all-time high of $49.81 that was reached all the way back in 2011. Though silver has been languishing for the past several years, there are numerous reasons why it may be on the verge of one of its most powerful bull markets in history.
Silver Demand is Growing Rapidly
Though silver is most known for its use in jewelry, silverware, coinage, and bullion products, the largest source of silver demand is actually industrial in nature. Thanks to its unique physical, chemical, and electrical properties, silver is used in electronics, solar panels, automobiles, photography, medicine, the chemical industry, and much more.
The growing number of uses for silver combined with ongoing global economic growth is causing a substantial increase in industrial demand for silver. According to the latest report from the Silver Institute, industrial demand for silver grew by a solid 11% to a record of 654.4 million ounces in 2023, which came on the heels of a record year in 2022. Silver used for photovoltaic (PV) applications skyrocketed by 64%, which caused electrical & electronics demand to increase by 20% in turn. As the push for so-called "green" energy continues, photovoltaic silver demand should keep growing at a rapid rate. The Silver Institute predicts a 9% increase in industrial demand for silver in 2024.