Silver demand hits record highs due to industrial and AI needs

Silver is increasingly serving as a critical industrial material for the digital economy and electrification processes, moving beyond its traditional roles in jewelry and investment.

Due to its superior electrical and thermal conductivity, as well as antibacterial properties, silver is essential in modern electronics. It is used in mobile phones, computer circuit boards, automotive electrical systems, solar panels, medical devices, and aircraft engine bearings. Specific applications include conductive inks for printed circuits and ultra-thin antennas for RFID chips used in logistics and supply chains.

Industrial demand for silver reached record levels in 2024. Demand within the electrical and electronic sectors hit 465.6 million ounces, a 4% increase from the previous year, driven by investments in power grids, electric vehicles, and artificial intelligence infrastructure. Total industrial silver demand reached 680.5 million ounces in 2024, marking the fourth consecutive year of record-breaking industrial usage.