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Over the next ten years, the need for silver in industry, jewellery making, and making cutlery is expected to almost double, with a 42% rise between 2023 and 2033. The demand for silver in industry will rise by 46%, which is due to the tech industry's expected 56% growth in output. These industries used 371.5 million ounces of silver in 2022, which is 67% of all the silver used by businesses.

The use of silver in solar energy and electric cars will help this category move forward. By 2027, solar manufacturers will probably need more than 20% of the current yearly supply of silver. By 2050, making solar panels will use up about 85–98% of the world's silver supplies. Changing needs for silver in soldering alloys will also drive industrial demand; in 2022, this will make up 9% of all industrial demand around the world.

Over the next ten years, the demand for silver jewellery is expected to rise by 34%. India will continue to make the most silver jewellery in the world. The amount of cutlery that is made is expected to rise by 30% over the next ten years, with India accounting for 43% of that growth.

Every type of silver demand hit a new high in 2022, but supply stayed the same and mine output fell by 0.6% to 822.4 million ounces. Silver's price doesn't show how supply and demand are changing right now, and it is way too low right now.

Investors should be bullish on both gold and silver because the Federal Reserve can't bring inflation back to its goal level of 2%, demand is growing, and the supply of silver is decreasing. This could cause the price of silver to go up. Because of how supply and demand work, the skewed silver-to-gold ratio, and the fact that it's likely the Fed won't be able to stop price growth, silver between $22 and $23 looks like a great time to buy.