Silver has been outperforming gold in investor returns, with a significant rise of 163% since October 2023, reaching a record high of $54.38 per ounce. While gold also saw a strong rally, silver has a history of delivering higher percentage returns during rallies. The media often focuses on gold, but silvers increasing industrial demand, particularly from renewable technologies, presents a compelling case for its future. Industrial demand for silver rose significantly in 2024, with a large portion going into solar panels. Experts predict that new solar capacity will drive silver demand even higher, potentially adding close to 150 million ounces per year by 2030. This surge in demand, coupled with limited supply, is creating a substantial market deficit. The majority of mined silver is a byproduct of other metals, and while silver supply might increase with positive sentiment for copper and gold, expanding output takes time. Some mines are expected to close by 2030, potentially leading to a drop in global silver production. This structural supply deficit, combined with soaring demand from solar, paints a very bullish long-term picture for silver.

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