Hardman Talks | Decoding the complex issue of silver demand

09 May 2024 / News Video

In this Hardman Talks, Paul Mylchreest talks to Larissa Adams about his views on silver.

Silver rarely makes it on to the radar of many professional and retail investors. However, it has a wide range of applications as a precious metal, monetary metal and critical industrial metal with uses in electronics and green energy, e.g. smart phones, electric and solar panels.

The Silver Institute estimates that the silver market has been in deficit for the past five years for 2019-23. We think that its numbers substantially underestimate silver used in demand for solar panels in 2023, which likely almost doubled. Global solar installations increased by 64% in 2023 to 423GW while silver loadings in solar panels increased due to the rapid shift from PERC-type to more efficient N-Type solar panels.

Going forward, we expect mine supply to remain fairly stable with simultaneous growth in both investment and industrial demand. Not only will this lead to bigger deficits, but investment demand could crowd out industrial demand, with a knock-on effect on the silver price.

Watch the interview now to find out more, and read Paul’s recent insight report for more detail.

Watch the discussion