Industrial demand for silver is expected to set a record in 2023.
According to a forecast by Metal’s Focus in conjunction with the Silver Institute, industrial silver demand is on pace to rise by 8% to a record 632 million ounces. Investment in photovoltaics, power grid, and 5G networks, along with growth in consumer electronics and rising vehicle output are key drivers behind the elevated industrial demand.
Silver demand for industrial applications, jewelry production and silverware fabrication is expected to nearly double over the next 10 years.
According to a report by Oxford Economics commissioned by the Silver Institute, the demand in these three sectors is forecast to increase by 42% between 2023 and 2033.
With much stronger-than-expected second-quarter GDP growth and continued labor market strength, a growing number of people in the mainstream now think the US has escaped the clutches of a recession despite the Fed driving interest rates to the highest level in 16 years. But there are plenty of signs that a recession is looming. For instance, a big plunge in the sale of cardboard boxes indicates a slowdown in economic activity.
There’s another off-the-beaten-path indicator that flashes recession — a big drop in the demand for gold in the technology sector.
Back in 2019, CNBC commentator Jim Leventhal said he had no interest in gold because it has no uses as a metal. This comment was a real head-scratcher because, besides its extensive use in jewelry, gold is an increasingly important industrial input, particularly in the technology sector.
Silver demand is expected to chart a new record high in 2021 with every key area showing an increase based on preliminary data.
This is one of several silver-related stories covered in the latest edition of Silver News published by the Silver Institute.
The use of silver in electronics and electrical applications is expected to rise by 10% over the next five years. And this doesn’t include the expected demand increase for silver in the solar energy sector.
This is one of several silver-related stories covered in the latest edition of Silver News published by the Silver Institute.
Silver could serve as a replacement for more expensive rare-earth metals in touch screens and other electronic applications according to an article in the latest edition of Silver News by the Silver Institute. Silver News also covers other technological developments and news relating to silver.
Demand for silver in the production of printed and flexible electronics is expected to increase 54% over the next 10 years according to the lede story in the most recent edition of the Silver Institute’s Silver News.
The price of silver is up over 70% year on year. Investment demand was at record levels during the pandemic, but industrial outtake plunged. As economies have opened up, industrial demand for silver has rebounded, helping to support rising prices. And there are reasons for continued bullishness on silver in the long term.
According to a recent report from the Silver Institute, silver demand for printed and flexible electronics is forecast to increase 54% over the next 10 years.
