Silver Prices Could Soar to $200 Amid Growing Demand for EV Battery Tech, Analyst Predicts
Kevin Bambrough, a commodities market expert, predicts that silver prices could hit $200 per ounce within 10 to 15 years due to rising demand from a new EV battery technology by Samsung.
The solid-state batteries, which incorporate a silver-carbon composite layer, could require up to 1 kg of silver per car. Bambrough estimates that if 20% of the global car market adopts this technology, silver demand could surge to 16,000 metric tons annually, significantly impacting the current production of 25,000 metric tons.
While acknowledging potential uncertainties in his estimates, Bambrough notes that this shift could exacerbate the existing silver deficit, further fueled by industrial demands such as those for solar panels.
Clever Robot News Desk 17th August 2024
