What percentage of silver demand is industrial?

Industrial applications consumed 657.4 million ounces of silver in 2025, roughly 58% of total global demand of about 1.13 billion ounces. The remainder splits between physical investment, jewellery and silverware. This industrial share is the key structural difference versus gold, where industrial use represents under 10% of demand.

How much silver is in a solar panel?

Modern TOPCon solar cells use approximately 8 to 10 milligrams of silver per watt, meaning a standard 400W panel contains roughly 3 to 5 grams. Photovoltaic silver demand reached 186.6 Moz in 2025, down 6% year-on-year, and is forecast to decline a further 19% in 2026 as thrifting continues despite rising installations.

Why does silver keep running a supply deficit?

Because supply cannot respond to price. Only about 28% of silver mine production comes from dedicated silver mines. The rest is a by-product of gold, copper, lead and zinc operations whose investment decisions are driven by those metals' economics. The market has run deficits for six consecutive years, drawing down roughly 762 million ounces from above-ground stocks since 2021.

Does AI and data centre growth really increase silver demand?

Yes, though the effect is indirect. Silver is used in power distribution contacts, switchgear, brazing alloys, connectors and printed circuit boards throughout data centre infrastructure. Electrical and electronics silver demand reached a record 465.6 Moz in 2025, with AI-related build-out cited by the Silver Institute as a growth driver partially offsetting declines in photovoltaic consumption.

Can copper replace silver in solar and electronics?

Partially, and it is the most serious long-term risk to the industrial demand thesis. Copper metallisation for solar cells is advancing and manufacturers have strong cost incentives to pursue it. However, copper oxidises, requires barrier layers, and underperforms silver on conductivity and reflectivity. Most analysts expect gradual partial substitution rather than wholesale replacement over the coming decade.

Is silver a better investment than gold right now?

It depends on your risk tolerance rather than a universal answer. Silver offers higher potential upside through its industrial demand engine and leverage to precious metals rallies, but it is two to three times more volatile than gold and far more sensitive to recessions. Most balanced portfolios hold both metals and rebalance using the gold-silver ratio.

What is the silver spot price today and where can I track it?

Silver has traded in the mid-$60s per ounce through late 2026, below its January record of $121.67 per ounce but far above its 2024 range. The LBMA Silver Price is the global benchmark used for physical settlement, and providers such as Kitco publish live spot quotes throughout the trading day.

How does goldminer.fr help investors analyse silver?

goldminer.fr was founded by Arnaud and Olha, investors with 19 years of real-world experience since the 2007 financial crisis. The platform provides the 300-page Golden Opportunities guide covering physical metals, storage and tax optimisation, a monthly-updated portfolio of roughly 30 mining stocks, and in-depth educational articles published with full transparency.