Source: SchiffGold.com
Silver demand set a record in every category last year based on final data released by the Silver Institute this week.
Total global silver demand in 2022 came in at a record $1.242 billion ounces. This represented an 18% increase in silver demand over 2021.
Net physical silver investment rose for a fifth consecutive year to a new high of 332.9 million ounces. Silver investment in India charted a staggering 188% increase over 2021 with lower prices and bargain hunting driving demand higher. There was modest demand growth in the US despite ongoing supply shortages that drove premiums exceptionally high – especially on American Silver Eagle coins.
Industrial demand posted a record of 556.5 million ounces in 2022. Green energy initiatives helped drive industrial offtake higher. Photovoltaics (PV) alone consumed 140.3 million ounces of silver.
Demand for silver in the solar energy sector is expected to continue to grow. According to a study by scientists at the University of New South Wales, solar manufacturers will likely require over 20% of the current annual silver supply by 2027. And by 2050, solar panel production will use approximately 85–98% of the current global silver reserves.
Electrification within the automotive segment, along with other power generation and distribution investments also supported industrial demand….