Demand for silver is surging.
According to the Silver Institute, 2022 was a record year for silver demand with 1.21 billion ounces, up 16% from the 2021 figure.
So what does this mean? Well, silver is technically a precious metal, but is also an essential metal, critical for the development of solar panels and car batteries.
Keith Neumeyer, President and CEO of First Majestic Silver says that 2023 is the first year that car manufacturers have been present at the mining conference. Some automotive companies have already bought stakes in minerals companies.
He said the average Tesla vehicle contains 1 kilogram of silver. As demand for electrification grows, the silver price is expected to rise.
Will this surge in demand finally make the price of silver explode?
