The discovery of Cerro Rico, or “Rich Mountain”, in Potosí, Bolivia, in 1545, transformed the global silver market. This single mountain produced an astounding 60% of the world’s silver during the second half of the 16th century, making it one of the most significant mineral discoveries in history — and, arguably, the first global commodity. This massive influx of silver not only enriched the Spanish Empire but also played a pivotal role in the development of global trade networks, notably influencing economies as far as China and Europe. The wealth generated from Cerro Rico was instrumental in shaping the economic landscape of the modern world, facilitating the rise of global trade practices that are still in effect today.

Now, demand from the energy transition is revolutionising the global silver market again.

In 2023, industrial demand for silver reached a record 20,353 tonnes, representing an 11% increase from the previous year. And, this surge in industrial usage is not showing any signs of deceleration. Over 60% of silver demand is industrial contrasting sharply with gold, where industrial use represents less than 10%.

New demand is being driven by the solar industry, a significant contributor within the sector, projected to require approximately 273 million ounces of silver annually by 2030, accounting for nearly 20% of total demand. Such a substantial increase in solar-related silver consumption highlights the metal’s essential role in advancing renewable energy technologies. By 2050 global renewable energy infrastructure, including solar, is projected to consume more silver than has been mined in the past 500 years combined.

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