Although battery metals like cobalt, lithium and nickel are all essential to the future of renewable power generation and energy storage, one could argue that silver may even play a bigger role across many green technologies.

A key tenet of any aggressive plan to combat climate change is to build more solar panels, which use silver paste as a key ingredient. It is estimated that about 100 ounces of silver are consumed per year for this purpose alone.

However, this figure is expected to rise in the coming years, with continued growth of electricity demand, renewable energy aspirations and falling costs all pointing to rising solar power penetration.

Some projections have silver demand growing 85% to about 185 million ounces in 10 years, according to a report by BMO Capital Markets.

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