Silver prices forecast to strengthen further this year
The Silver Institute has said the amount of silver used for manufacturing is set to fall this year, driven by developments in the solar sector. The institute also says the silver market will remain in deficit for the sixth consecutive year. Philip Newman, Managing Director of independent research consultancy Metals Focus, told pv magazine the fact prices have recovered quite well after the end-January correction demonstrates the underlying strength of investor interest in silver.
Silver price surge drives PV makers to cut silver usage further
The price of silver rose above $44 per ounce this week after gaining more than 30% in six months, with silver expert Philip Newman telling pv magazine it could exceed $50 per ounce next year, raising pressure on PV module makers to curb silver use.
Solar underpins record high industrial demand for silver
The Silver Institute and Metals Focus says global silver demand in 2024 will largely grow due to gains from green economy applications, especially the PV sector. It expects the global silver market to show a physical deficit of around 182 million ounces in 2024, marking the fourth consecutive year of shortfall.
Only5mins! – Silver price outlook and PV industry impact
Michael DiRienzo, executive director of The Silver Institute, tells pv magazine that average silver prices will hover around $23 per ounce this year, without any anticipated supply disruptions for the solar industry.
Silver accounts for 10% of PV module costs
The share of silver in the total cost of PV modules has increased by around 5% in recent months, according to US analyst Matthew Watson. He told pv magazine that silver prices are set to rise, adding that the metal will eventually account for an even larger percentage of overall module costs.
Silver prices expected to rise by 11% this year
Silver demand for PV production worldwide is forecast to grow to 105 million ounces this year, as overall demand hits an eight-year high. Prices for the precious metal could reach a seven-year high of $30.00 per ounce this year but, according to the Silver Institute, this level is still far away from any critical threshold that would make silver supply for the solar industry problematic.
Silver prices expected to drop 3% in 2020
According to the 2020 World Silver Survey 2020 by the U.S.-based Silver Institute, the metal’s price will decline by only 3% this year, despite the impact that the Covid-19 crisis will also have on demand. In the global PV industry, silver demand is forecast to drop 3% from 98.7 million ounces in 2019 to 96.1 million ounces this year.
