Solar-Driven Demand Pushes Silver Above $31, Industrial Share Hits Record

The latest report from banking research institutions shows that industrial silver demand hit an all-time record in 2024 and is expected to grow a further 9% in 2025. The main drivers come from two directions: large-scale solar panel installations (each module contains approximately 20 grams of silver) and electrification demand from rapid EV penetration. Spot silver broke above $31/oz this week, up more than 14% year-to-date. Analysts note the current gold-silver ratio at approximately 99:1 is well above the historical average of 65:1, making silver significantly undervalued relative to gold, with considerably more upside if investment demand follows industrial demand higher.