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| Above, a 2023 American Silver Eagle. Photo by Armand Vaquer. |
Several months ago, a group of us were talking about silver and its uses in industry.
It was mentioned that silver is used in the manufacture of solar panels. One of us joked that we should go out one night with scrapers and scrape the solar panels from one friend's house for their silver content.
It appears that silver may be approaching "shortage" status and the demand may drive up the spot price of the metal.
According to FOREXLIVE:
The global economy's focus on transition to clean energy is creating an additional demand for silver, which is used in solar panels and EVs, that will only grow in the future.
● According to Silver Institute research, 2023 will be the year of the biggest-in-decades deficit in the physical silver market.
● The easing of monetary policy by world central banks and the inflation slowdown support the fundamental growth of silver prices.
Gold and silver often go hand in hand when discussing precious metals. Both metals have been objects of desire for thousands of years, and each has been found on every continent of the world.
Just like gold, silver is used in jewellery. However, its demand in industry, where it is used six times more often than gold, creates a strong interest among investors.
Nevertheless, there is relatively little information available on silver, which makes potential investors more vulnerable to losses.
OctaFX experts expect that silver reserves will continue to decline in 2023, leading to a potential increase in its value. Silver prices could reach a nine-year high of $30, highlighting its strong potential for well-informed investors.
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