Daily Gold Market Report

Advocating for Silver’s Recognition:
A Call to Classify it as a Critical Mineral in Canada

(USAGOLD – 2/07/2024) Gold prices are holding steady in early trading on Wednesday, with no new fundamental developments to significantly influence the markets. Gold is trading at $2036.80, up 66 cents. Silver is trading at $22.36, down 6 cents. In a recent open letter, signed by executives from Canadian and international silver mining companies, advocates for the recognition of silver as a critical mineral in Canada. It outlines silver’s historical significance, its resurgence due to demand in electronics and renewable energy, and its vital role in the transition to a low-carbon economy including nuclear energy:

“With Canada joining dozens of other countries at COP28 to commit to tripling nuclear energy by 2050, the demand for silver in nuclear applications is likely to increase as these commitments are met. A recent study by S&P estimates 56,000 oz of silver needed per GW of nuclear energy added. With current global capacity at 413 GW, this added 826 GW equates to an additional demand of more than 23 million oz of silver.”

The letter also argues that silver meets critical mineral criteria, emphasizing its essential use in various technologies and the risks to its supply. It seeks to align Canada with global standards, highlighting the strategic importance of silver in international relations and future technological developments.