1000% Increase in SILVER Demand! There Will Be No More Silver Available VERY SOON - Keith Neumeyer

1000% Increase in SILVER Demand! There Will Be No More Silver Available VERY SOON - Keith Neumeyer

Gold and silver have wrapped up 2024 with impressive gains. Gold has achieved its best annual performance over a decade, surging by over 26%. Meanwhile, silver has experienced its most substantial return since 2020, rising an impressive 34.4% this year. Silver bullion prices have demonstrated remarkable strength in 2024, with the silver spot price increasing 28.70% for the 11 months ending November 30, climbing from 23 dollars and 65 cents to 30 and 63 cents per ounce.
Keith Neumeyer, President & CEO of First Majestic Silver Corp, provides valuable insights into global silver supply-demand dynamics. He highlights a significant supply deficit, noting that only 1.2 billion ounces of silver remain in inventories, most of which are allocated to exchange-traded funds (ETFs). Neumeyer further explains that industrial demand, particularly from the automotive and solar sectors, now accounts for 40% of the annual silver supply, underscoring the growing pressure on the metal's availability.
In 2024, the silver supply-demand gap widened, revealing a deepening market imbalance. Production increased only 2%, reaching 1.03 billion ounces, while demand surged by 7% to 1.21 billion ounces, creating a shortfall of 182 million ounces. This marks the fourth consecutive year of undersupply, largely driven by industrial demand linked to green technologies. Solar panels and electric vehicles are major contributors to this demand, with projections suggesting that by 2050, solar manufacturing could consume most of global silver production.
Industrial applications now represent approximately 55% of global silver demand, with renewable energy sectors playing a crucial role. Solar energy, in particular, consumes over 200 million ounces annually, accounting for about 20% of total silver demand, as silver's conductive properties are vital for photovoltaic cells. The global solar industry saw a 76% growth in 2023 and is projected to expand by another 34% in 2024. Over the longer term, the solar sector has grown at an annualized rate of 27% since 2015. According to the Silver Institute, silver demand for solar panels surged by 158% from 2019 to 2023, with an additional 20% growth expected in 2024.
Neumeyer asserts that transforming the physical silver market is essential to disrupting the current system. He also foresees a significant shift as major industrial players like Tesla, BMW, and Apple may establish direct supply agreements, bypassing traditional markets such as COMEX, to secure the silver needed for their manufacturing processes.

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