Categories: BusinessEconomy

Silver: The unsung hero of the new economy

Artificial Intelligence and solar power are fueling the ongoing surge in demand for silver.

There was a 15% supply shortage in silver on the market in 2023 alone.

Additionally, it is anticipated that between 2020 and 2024, the market will experience a cumulative deficit of 1,093.4 million ounces.

With over 10,000 applications worldwide, silver is the second most used commodity, after oil, according to Sprott.

The metal plays a crucial role in solar power photovoltaic cells. 20 grams of silver are needed for a typical solar panel. Additionally, 25 to 50 grams of silver are used by electric vehicles.

Furthermore, the metal is necessary for LIDAR technology, controls, sensors, semiconductors, and AI-enabled transportation.

Silver is also essential to healthcare artificial intelligence because conductive silver nanoparticles are used in wearable electronic skin patches. A typical cell phone weighs 0.34 grams of silver.

The output of silver is being reduced despite its importance due to diminishing ore grades and depleting reserves at current mines.

Another issue facing the industry is a dearth of funding for primary silver mines. Silver is currently mined as a byproduct of gold, copper, and other metals, accounting for over 70% of the total.

Additionally, three nations—China, Peru, and Mexico—concentrate most of the world’s silver production, making up half of the total.

In order to meet the increasing demand, new mines will be needed if the current situation persists.

With historic silver grades among the highest in Latin America, the Santa Ana high-grade silver deposit in Colombia’s Mariquita District is rapidly being advanced by Outcrop Silver, making it the country’s highest-grade primary silver district.

The Santa Ana project has the second-highest indicated grade in the world.

Business Now Desk

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