It is important to clearly point out at this point that the predictions listed below may differ from future silver prices. When manufactured with silver, batteries can have a higher capacity, and demand for batteries is also increasing at an unprecedented rate. Coupled with the return of investors to the silver market, this could further support the price of the precious metal. A mutated variant of the coronavirus or a financial crisis may also cause the price of silver to skyrocket in the coming years.
Demand from importing countries as large as the U.S. In the U.S., Great Britain and India can reach 29,000 tons of silver per year. Demand and industrial applications: The greater the demand for silver, the higher the price. For example, silver is widely used in solar panels and its need is growing exponentially due to the energy transition.
Interest in the precious metal remains high, but the so-called pressure of silver does not yet seem to be taking place. As we have said before, silver is a precious metal appreciated by many people all over the world. On the other hand, investors can now easily invest in silver ETFs to increase the price of the metal amid overwhelming demand. This price increase is not only related to an increase in industrial demand, but also to the continued interest in silver as a safe haven.
Others: There are several other factors that can affect the price of silver, such as the price of gold, short selling, the strength of the dollar, scrap silver, technology, interest rates and government policies. Although gold is more revered and requires more money, silver is still considered a valuable metal all over the world. Therefore, hedging against inflation is the first argument in favor of an increase in the price of silver in the coming years.