by Jon Forrest Little, Activist Post:
The G7 leaders say they are committed to reaching so-called “net zero” emissions by 2050 after halving global emissions by 2030.
The initiative has many buzz phrases such as building a “just and inclusive” clean-energy economy. The plan vilifies fossil fuels and glorifies “green energy” with sweeping statements asking “stakeholders to improve their ESG performance.”
But most of us are confused by what this all means.
The transition to net zero is moving forward quickly, even though critics believe it’s draconian with respect to its scope and consequences.
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Silver, along with many other metals, is a critical piece of this transition, so let’s discuss demand versus supply.
According to the World Silver Survey 2023 by the Silver Institute, the silver market has been in deficit for the past two years. The deficit in 2022 was 237.7 million ounces, and the 2023 deficit is forecast to be 142.1 million ounces.
The deficit is driven by various factors, including the growth of the solar and wind energy industries, which use silver in their components.
Next, silver is increasingly used in electronics, such as smartphones, laptops, and medical equipment (one of the fastest-growing sectors as life expectancy increases).
Lastly, on the monetary side, silver is growing in popularity as a hedge against systemic risk, inflation, and de-dollarization among nations pushing back against U.S. dollar hegemony.
Inadequate Mine Production
Silver mine production has been failing to keep pace with demand in recent years due to many factors, including:
- The rising energy and labor costs involved in mining silver.
- The increasing environmental regulations on mining.
- Mexico just banned open-pit silver mining, and Mexico has historically been the world’s #1 silver-producing country.
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So, we have the 1-2-3 punch of:
- Rising demand (industrial and monetary use).
- Restricted supply.
- Increased FOMO (fear of missing out).
Silver in the Military
I referenced the World Silver Survey showing monstrous deficits in the past two years. What’s super significant is that these numbers do not capture all the hidden uses of silver that are hard to quantify under the “veil of national security.”
The U.S. military has been a massive user of silver for the past 50+ years.
Silver is used extensively in silver-zinc batteries for torpedo, missile, aerospace, and aircraft applications.
Silver is used by the defense industry for various purposes, including multiple weapon systems, bullets, shells, and missiles. It coats bullets and shells to improve their conductivity and reduce friction. It’s used to construct missiles to improve their guidance systems.
