Automotive sector gobbles up silver
Cars today require more silver in their production than ever before. By 2025, the amount of silver needed could be as much as 90 million ounces annually. This is because hybrid and electric cars are very silver-intensive to produce.
Silver in the automotive industry is used because of its exorbitant electrical properties. Areas with silver involvement include, for example, the navigation system, electric power steering, but also airbags, automatic braking and driver warning systems. Silver/copper air filters also function with silver.
Slightly more silver than the automotive industry, the Silver Institute estimates, is going into the photovoltaic industry, about 100 million ounces of silver this year. There is still enough silver for this industry, but this could drive up the price of silver. The fact that the share of silver in photovoltaic systems is declining somewhat will be negligible due to the expected increase in installed systems worldwide.
The Silver Institute predicts an eleven percent increase in global silver demand this year. This is because, in addition to the automotive and photovoltaic sectors, silver is going into industrial demand, jewelry and physical investments.
Among the silver companies there are Endeavour Silver and MAG Silver.
Endeavour Silver - https://www.youtube.com/watch?v=TqOYn67_v0M - posted a net profit of US$1.2 million in 2020. The three producing silver-gold mines in Mexico were responsible. At all three, production increased, and costs decreased.
MAG Silver - https://www.youtube.com/watch?v=kycnXhwfM68 - can also look forward to a successful fourth quarter in 2020. MAG Silver holds a 44 percent stake in the Juanicipio property in Mexico.
Latest corporate information and press releases from Endeavour Silver (https://www.resource-capital.ch/en/companies/endeavour-silver-corp/) and MAG Silver (https://www.resource-capital.ch/en/companies/mag-silver-corp/).
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