Precious Metals

Silver

The most electrically and thermally conductive element, and a dual monetary and industrial metal.

AgStrategic score 76EU Strategic Raw Material

Price

$31.4 / USD/oz

Price change

8.3%

Producing assets

Technologies

Context

Why it matters

Solar cell metallisation has turned silver into an energy-transition mineral as much as a precious metal.

Profile

Applications: Solar PV metallisation, Electronics and contacts, Brazing alloys, Investment and jewellery, Medical applications
Supply risk: Moderate. Around 70% of supply is a by-product of other mining, limiting price responsiveness.
Geopolitics: Mexico, Peru and China dominate mine supply; refining and investment demand are globally distributed.
Substitutes: Copper metallisation pastes are advancing in solar to reduce silver loading.
Recycling: High for industrial and investment stock, lower for thin-film solar loadings.
Sustainability: Shares the footprint of the base metal mines it is produced alongside.
Forecast: Persistent structural deficit driven by solar; thrifting is the counterweight.
Key countries: 4 tracked producer and processing roles

Methodology

Version v0.1

Demand Outlook: 84 (weight 1.2) — Projected demand growth relative to the broader mineral economy over the next decade.
Supply Risk: 74 (weight 1.2) — Likelihood of supply falling short of demand, accounting for project pipeline and lead times.
Geographic Concentration: 83 (weight 1) — How concentrated mining and processing are across countries and companies.
Geopolitical Risk: 83 (weight 1) — Exposure to export controls, sanctions and jurisdictional instability.
Technology Importance: 77 (weight 1.1) — How central the mineral is to strategically important technologies.
Strategic Importance: 76 (weight 1) — Recognition in national critical mineral lists and defence supply chains.
Substitutability: 70 (weight 0.8) — How readily the mineral can be replaced without material performance loss. Higher is harder to substitute.
Recycling Potential: 71 (weight 0.7) — Ability of secondary supply to relieve primary demand. Higher means less relief available.

Assets

The largest silver-producing mine in Mexico, with gold, lead and zinc co-products.

Research

AI is often described as weightless. Its infrastructure weighs a great deal.

Materials

Platinum, palladium, rhodium, iridium and ruthenium — exceptional catalysts with extreme scarcity.