Daily Gold Market Report
Silver’s Ascending Role in the Electrifying Automotive Landscape
90 Million Ounces Of Silver Absorbed Annually In The Automotive Industry By 2025
(USAGOLD – 9/26/2023) Gold and Silver are under continued pressure this morning. Gold is down $6.19 to $1909.73. Silver is down 8 cents to $23.06. With the continued meltdown in bonds and the looming U.S. government shutdown, most markets – if not all – remain under pressure. A report conducted by Metals Focus delves into the increasing significance of silver in the automotive sector. Silver’s unique properties, including the highest thermal and electrical conductivity of any metal, have made it indispensable in a variety of automotive applications. The ongoing electrification of vehicles, transitioning from traditional ICEs to electric vehicles (EVs) and eventually to autonomous driving, is expected to further boost silver demand. In 2021, 61 million ounces of silver was used for auto manufacturing. By 2025, this figure could approach 90 million ounces.