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Silver has dual demand drivers: monetary/investment demand AND industrial demand. Unlike gold, approximately 50% of silver demand comes from industrial applications including solar panels, electronics, and medical devices. This makes silver more volatile but also gives it exposure to the green energy transition.
The gold/silver ratio (currently ~88:1) shows how many ounces of silver it takes to buy one ounce of gold. Historically this ratio averaged 15:1 to 20:1. Many analysts believe silver is undervalued relative to gold at current levels, presenting a potential opportunity.
Solar panel demand continues to accelerate, with silver usage per panel increasing. Combined with monetary demand from inflation hedgers, analysts project silver could outperform gold on a percentage basis in 2026, potentially reaching $40-50/oz.