A Metal on the Move

Silver has always lived in gold’s shadow — until now. In 2025, silver has broken above $35/oz for the first time since 2011, driven by record-setting demand and multi-year deficits. With investors watching closely, the question is simple: is $40 silver next?

Industries and Investors Competing

Silver’s unique value lies in its dual role:

Industrial Users: Solar panel manufacturers, automakers, and electronics companies are consuming more silver than ever before.
Investors: From hedge funds to retail buyers, investors are treating silver as both a safe haven and a growth commodity.

This convergence of industrial and monetary demand is what makes silver so powerful right now.

Persistent Market Deficits

According to the World Silver Survey 2025:

Global demand reached ~1.2 billion ounces in 2024.
Mine production delivered only ~820 million ounces.
Recycling filled some of the gap, but the market still ran a deficit of ~250 million ounces.

This marks the fourth consecutive year of deficit, a structural imbalance not seen in decades.

Demand Drivers in Detail

Solar Panels (PV): The photovoltaic industry consumed over 200 million ounces in 2024, representing ~17% of total demand. With global governments pushing clean energy, demand will only rise.
Electric Vehicles (EVs): Silver’s conductivity makes it essential in EV batteries, wiring, and electronics.
5G & Electronics: Smartphones, semiconductors, and high-frequency tech require silver for performance.
Monetary Demand: Investors continue to buy silver coins, bars, and ETFs as protection against inflation and currency volatility.

Market Mechanics Driving Price

Deficits tighten inventories: As stockpiles shrink, any new demand pushes prices higher.
Investment leverage: Silver historically outperforms gold in bull cycles — moving faster and higher once momentum builds.
Psychological levels: Breaking $35/oz opened the door to $40 as the next key resistance.

Historical Context

In the late 1970s, silver shortages fueled a run to $50/oz.
In 2011, QE policies and investor demand pushed silver from $18/oz to nearly $50/oz in under two years.

Both cases highlight silver’s explosive potential once supply/demand imbalances collide with speculative buying.

Investor Takeaway

Silver isn’t just riding gold’s coattails — it has its own powerful demand engine. With supply unable to keep up, deficits mounting, and new industries consuming more, silver’s path to $40 and beyond looks increasingly credible.

For investors, silver represents both a defensive asset and a growth play on the clean-energy transition. Adding exposure now means participating in one of the decade’s most compelling commodity stories.

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Expertise. Our decades of experience in the precious metals industry have given us a wealth of knowledge as well as strong partnerships with the most important professional organizations. As an authorized dealer with the Numismatic Guaranty Company (NGC) and Professional Coin Grading Service (PCGS), we are able to provide an accurate and impartial evaluation of coinage grade and authenticity. At the same time, the largest IRA/401(k) administrator in the country secures your retirement investment via a strategic partnership with our organization.

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Is $40/oz the Next Stop as Silver's Deficit Deepens?