Silver
Not just a precious metal…
Silver’s dual role as both a precious metal (safe-haven/inflation hedge) and critical industrial commodity positions it uniquely. Production growth is constrained because most silver is a by-product of other metals (lead, zinc, copper, gold), so supply does not respond quickly to price signals. Accordingly, the silver market has been in a multi-year structural deficit, which depletes above-ground inventories and tightens physical availability.
Key growth segments include:
Solar energy & photovoltaics
Silver is essential for solar panel efficiency.
Electric vehicles & electronics
Rising EV production and AI/data centre infrastructure increase demand for silver due to its unmatched electrical conductivity.
5G & high-tech manufacturing
Multiple advanced applications continue to expand.
Antibacterial properties
Silver possesses natural antimicrobial and antibacterial properties, making it invaluable in medical applications like bandages, wound ointments, and medical instruments.
Jewellery
The prolific use of silver for jewellery globally usually represents roughly 20–25% of total annual silver demand
This sustained industrial pull supports long-term fundamentals.
Relevance to Serval
The Company’s projects in both Namibia and Botswana hold the potential for silver as an important by-credit.