The new king of precious metals. It beats gold
Silver recorded record price increases in 2024, and Poland, with the largest silver mine in the world, plays a key role in the global market.
In 2024, silver became known as “gold on steroids”, recording above-average increases in value. Saxo Bank experts predict that in 2025 the prices of this metal may increase by another 25%, reaching up to $40 per ounce. For comparison, forecasts for gold indicate an increase of 13%. to the level of $3,000 per ounce. The key factor driving these changes is growing industrial demand, especially in the renewable energy sector.
The solar industry is driving demand
Silver, which plays an important role in the production of photovoltaic panels and electronic technologies, currently constitutes approximately 55 percent. global demand in the industrial sector.
In 2024, the dynamic development of the solar industry caused a shortage of this raw material on the market, which further increased its value. Experts predict that similar trends will continue in 2025, strengthening silver’s position on the precious metals market.
Poland on the silver podium
In terms of resources, Poland ranks fifth in the world, with 63,000 tons of silver in deposits, second only to Peru, Australia, Russia and China. We also rank fifth globally in silver production, mining 1,300 tons per year. Mexico is the leader in this field, with production reaching 6,400 tons in 2023.
The mine in Lubin, managed by KGHM, was considered the largest in the world in terms of silver production, accounting for over 5%. global mining. This puts Poland at the forefront of producers of this metal, both in Europe and in the world.
Global trends and challenges
Experts indicate that the increase in silver prices results not only from growing demand, but also from restrictions on increasing mining. Silver, often obtained as a by-product of the exploitation of other metals, has no chance for rapid production expansion even in the face of rising prices.
The Silver Institute report shows that the silver market has been struggling with a structural deficit for four years, which additionally increases the pressure to increase the value of the raw material.
