The main argument for an upcoming silver bull run is twofold.

One, people use precious metals — gold and then silver — as a way to store value if they are worried about currency debasement or inflation.

If you believe we are only in the beginning stages of a gold bull run, then silver will invariably come along for the ride.

Two — silver actually has growing industrial uses, particularly in solar panels and electric vehicles/ charging infrastructure.

“About 10 per cent of the physical demand for silver currently is for solar panels,”says Sarah Kiernan of Goldman Sachs’ Global Markets Division.

“Both the US and Chinese administrations have very aggressive growth targets for solar power, which will increase demand [even more].”

Solar power generation is expected to double by 2025 to about 1,100 gigawatts from just over 600GW currently.

The industry – which barely existed until comparatively recently – will consume 888 million ounces of silver over the 2020s, or about 81 million ounces of silver per year, according to metals consultancy CRU. 

Precious metals consultancy Metals Focus reckons it will consume 1 billion ounces from 2020 to 2030.

Current global silver production is just under 1 billion ounces per year.

Then there’s electric vehicles. Modern day petrol or diesel-driven vehicles use ~15 to 28 grams of silver, a figure that has been rising over recent years.

EV’s each consume between 25 to 50 grams of silver, with additional amounts needed for charging stations, large stationary batteries, and associated infrastructure.

The number of EVs sold will rise to ~30 million in 2028 – that’s 26.5 million to 53 million ounces of silver per year alone.

The main reasons people are bullish on silver – its use as a ‘hedge’ and in Environmental, Social and Governance (ESG) applications — hasn’t changed over the past year or so, Kiernan says.

Perhaps now these bulls are now even more convicted in their views.

“US investors and asset managers were probably interested as a ‘thought experiment’ on what could happen on either inflation or ESG investment,” she says.

“They are now really focussed on that as a real risk to their portfolios – and potentially something they need to allocate into.”

USD silver price over the past 5 years.

Winners & Losers

Here’s how ASX-listed gold & silver stocks are performing:

Scroll or swipe to reveal table. Click headings to sort. Best viewed on a laptop

CODE COMPANY 1 WEEK RETURN % 1 MONTH RETURN % 6 MONTH RETURN % 1 YEAR RETURN % PRICE MARKET CAP
ANL Amani Gold 50 -25 0 0 0.0015 $ 18,773,993.49
SI6 SI6 Metals 41 -4 200 700 0.024 $ 33,384,016.80
HMX Hammer Metals 37 238 98 400 0.115 $ 68,257,898.07
MLS Metals Australia 25 25 0 150 0.0025 $ 10,477,258.94
SRN Surefire Resources 25 20 275 900 0.03 $ 28,308,047.68
TNR Torian Resources 24 64 188 432 0.046 $ 33,528,090.72
MSR Manas Resources 20 -14 20 200 0.006 $ 15,181,504.79
TMZ Thomson Resources 18 50 346 772 0.165 $ 51,379,171.69
VKA Viking Mines 17 17 362 515 0.048 $ 42,776,924.04
MVL Marvel Gold 16 6 -13 -24 0.052 $ 26,449,491.02
ENR Encounter Resources 15 -9 3 50 0.15 $ 39,445,462.88
BBX BBX Minerals 12 0 32 57 0.29 $ 132,388,562.00
BCN Beacon Minerals 11 11 8 21 0.04 $ 114,929,977.72
CDT Castle Minerals 11 11 -47 0 0.01 $ 7,325,008.18
AAU Antilles Gold 11 15 119 248 0.094 $ 18,148,173.36
AVW Avira Resources 10 -31 -8 175 0.055 $ 6,875,200.00
SVY Stavely Minerals 10 -8 11 5 0.72 $ 189,197,052.70
SFM Santa Fe Minerals 10 31 60 64 0.115 $ 8,374,160.74
AYM Australia United Min 9 50 300 500 0.012 $ 22,110,929.82
PAK Pacific American 9 -4 140 14 0.024 $ 7,646,037.60
CGN Crater Gold Min 9 32 127 127 0.025 $ 30,687,396.68
TSC Twenty Seven Co. 8 -7 30 -19 0.0065 $ 13,821,085.72
CXU Cauldron Energy 8 -18 43 233 0.04 $ 17,175,981.46
RDN Raiden Resources 8 -7 286 350 0.027 $ 20,995,276.34
KCN Kingsgate 8 2 53 81 0.98 $ 228,488,199.40
DGO DGO Gold 8 -6 -11 53 2.7 $ 194,912,132.20
AOP Apollo Consolidated 7 32 4 56 0.375 $ 106,789,618.30
PUA Peak Minerals 7 3 3 152 0.03 $ 17,826,376.91
DRE Dreadnought Resources 6 -26 31 240 0.017 $ 42,975,101.38
CY5 Cygnus Gold 6 0 -3 309 0.18 $ 19,452,617.64
MEG Megado 6 6 0.19 $ 7,501,527.63
GBR Great Boulder Resources 5 -20 -27 15 0.043 $ 7,898,510.34
AMG Ausmex Mining Gp 5 6 21 36 0.068 $ 36,840,633.80
AQI Alicanto Min 5 -12 -36 37 0.115 $ 37,595,508.02
NSM Northstaw 4 10 0.48 $ 19,800,000.00
EMU EMU NL 4 20 141 18 0.053 $ 18,889,488.11
RMX Red Mount Mining 4 -4 50 238 0.0135 $ 16,267,192.36
YRL Yandal Resources 4 -5 53 71 0.405 $ 36,441,080.13
ARL Ardea Resources 4 12 -1 15 0.575 $ 72,772,231.74
NUS Nusantara Resources 4 2 -9 -3 0.29 $ 66,489,172.03
GUL Gullewa Limited 3 0 -10 125 0.09 $ 16,413,579.00
MRZ Mont Royal Resources 3 13 22 22 0.3 $ 9,963,261.00
SMI Santana Minerals 3 -11 11 -51 0.155 $ 17,675,058.58
DEX Duke Exploration 3 10 19 19 0.32 $ 24,330,000.00
BRB Breaker Res NL 2 5 -14 -16 0.21 $ 65,168,185.80
TAM Tanami Gold NL 2 -7 9 62 0.084 $ 99,883,248.91
KAU Kaiser Reef 2 5 26 0.43 $ 36,787,174.52
RED Red 5 Limited 2 -12 -25 -27 0.22 $ 433,599,838.54
G88 Golden Mile Res 2 -10 -25 -13 0.045 $ 5,658,843.09
HXG Hexagon Energy 2 -15 58 75 0.093 $ 27,108,479.43
RVR Red River Resources 2 -11 57 137 0.235 $ 119,088,104.41
MAU Magnetic Resources 2 16 -9 92 1.45 $ 313,448,496.65
IVR Investigator Resources 2 21 69 343 0.089 $ 117,830,000.00
BC8 Black Cat Syndicate 1 0 -10 97 0.72 $ 81,668,373.58
AME Alto Metals Limited 1 -22 -16 124 0.076 $ 32,359,999.60
NWM Norwest Minerals 1 -4 -28 -49 0.086 $ 9,360,255.39
TLM Talisman Mining 1 -6 -30 15 0.094 $ 17,543,068.19
CDV Cardinal Reso 1 0 49 191 1.08 $ 595,926,904.68
AXE Archer Materials 1 51 61 330 0.795 $ 188,406,515.91
AL8 Alderan Resource 0 -13 -40 483 0.105 $ 29,794,109.20
BAR Barra Resources 0 -4 -20 26 0.024 $ 16,262,594.42
DTR Dateline Resources 0 25 -17 25 0.0025 $ 20,525,195.19
GBZ GBM Rsources 0 -4 -19 125 0.125 $ 54,127,257.50
GSM Golden State Mining 0 -15 -55 49 0.145 $ 8,212,249.00
GSN Great Southern 0 5 -38 33 0.08 $ 35,946,613.18
KGM Kalnorth Gold 0 0 0 225 0.013 $ 11,625,120.78
LNY Laneway Res 0 -14 -33 0 0.006 $ 22,650,395.60
LEX Lefroy Exploration 0 3 -33 3 0.205 $ 24,601,981.74
MAT Matsa Resources 0 8 -41 -33 0.1 $ 26,843,524.19
MTC Metalstech 0 -15 -21 183 0.17 $ 24,916,498.46
M2R Miramar 0 -17 0.25 $ 10,556,880.00
OAU Ora Gold Limited 0 14 33 26 0.024 $ 20,180,285.33
PNM Pacific Nickel Mines 0 -5 30 -43 0.057 $ 8,537,151.52
PF1 Pathfinder Resources 0 -14 0.305 $ 15,165,877.95
PNX PNX Metals 0 14 -27 33 0.008 $ 29,217,548.09
RND Rand Mining 0 -6 -26 -23 1.7 $ 105,259,831.25
REZ Resourc & En Grp 0 -19 83 147 0.042 $ 18,130,593.14
SAR Saracen Mineral 0 -2 -16 14 4.69 $ 5,265,564,163.30
TAR Taruga Minerals 0 4 -26 285 0.05 $ 22,402,873.79
XTC Xantippe Res 0 0 -33 0 0.002 $ 8,149,128.80
ZNC Zenith Minerals 0 9 9 131 0.12 $ 35,323,203.60
MOH Moho Resources -1 -11 -41 -10 0.079 $ 7,026,237.68
ANX Anax Metals -1 42 178 580 0.068 $ 17,653,004.84
NAG Nagambie Resources -2 30 5 36 0.06 $ 28,996,076.07
KRM Kingsrose Mining -2 12 41 33 0.048 $ 35,040,352.90
GRL Godolphin Resources -2 7 7 0 0.23 $ 19,344,021.89
GIB Gibb River Diamonds -3 -7 38 69 0.076 $ 15,863,208.38
CEL Challenger Exp -3 42 73 115 0.355 $ 201,635,920.34
FFX Firefinch -3 29 63 194 0.25 $ 211,115,289.87
DTM Dart Mining NL -3 -11 -25 163 0.16 $ 16,491,003.54
PRS Prospech Limited -3 -20 0 0.16 $ 10,403,294.24
GWR GWR Group -3 -26 331 303 0.31 $ 92,349,865.12
KAI Kairos Minerals -3 -6 -18 269 0.031 $ 51,961,124.83
TRY Troy Resources -4 -7 -37 -9 0.082 $ 62,877,792.74
BDC Bardoc Gold -4 -13 -9 -9 0.077 $ 137,077,432.70
TIE Tietto Minerals -4 -3 -36 36 0.38 $ 168,326,118.72
CBY Canterbury Resources -4 14 20 -43 0.12 $ 10,561,799.40
TTM Titan Minerals -4 9 -14 0 0.12 $ 142,431,554.25
FML Focus Minerals -4 -10 -20 56 0.35 $ 63,961,997.75
KSN Kingston Resources -4 -6 -19 21 0.23 $ 69,472,676.77
MKR Manuka Resources -4 12 -18 0.46 $ 43,919,631.45
MEU Marmota Limited -4 -12 -14 13 0.044 $ 43,584,016.05
EMR Emerald Res NL -4 -12 19 62 0.745 $ 383,970,919.22
MTH Mithril Resources -5 0 -40 91 0.021 $ 49,354,893.86
RGL Riversgold -5 -28 -29 320 0.042 $ 16,652,900.92
GMN Gold Mountain -5 -7 -16 -32 0.041 $ 30,494,259.38
HWK Hawkstone Mng -5 64 128 720 0.041 $ 64,550,875.44
CAZ Cazaly Resources -5 -11 -7 82 0.04 $ 14,427,730.68
FAU First Au -5 12 6 58 0.019 $ 9,685,523.45
OKR Okapi Resources -5 -10 -12 138 0.19 $ 8,544,314.25
SAU Southern Gold -5 -14 -39 -46 0.095 $ 20,266,231.82
NES Nelson Resources. -5 8 28 179 0.092 $ 12,998,952.72
OBM Ora Banda Mining -5 -15 -26 63 0.275 $ 223,188,818.61
KZR Kalamazoo Resources -5 -22 -41 -32 0.455 $ 61,542,473.98
DEG De Grey Mining -5 -10 1 353 0.84 $ 1,070,012,810.63
OKU Oklo Resources -5 -8 -49 -20 0.175 $ 88,205,217.10
S2R S2 Resources -5 -15 -10 92 0.175 $ 53,531,500.43
CST Castile Resources -6 -21 -46 10 0.17 $ 32,952,169.97
MDI Middle Island Res -6 -26 -48 117 0.25 $ 30,421,011.50
BAT Battery Minerals -6 60 237 357 0.032 $ 67,362,026.85
MEI Meteoric Resources -6 -11 23 125 0.064 $ 84,127,458.50
ADT Adriatic Metals -6 9 -6 32 2.18 $ 453,650,000.00
CHN Chalice Mining -6 -2 203 1347 4.27 $ 1,463,007,143.72
BNR Bulletin Res -6 -12 -3 168 0.075 $ 13,267,687.48
CYL Catalyst Metals -6 -11 -29 -33 1.9 $ 187,253,352.32
LCL Los Cerros Limited -6 21 53 272 0.145 $ 65,822,684.62
NVA Nova Minerals -6 -17 190 169 0.145 $ 250,491,997.05
GOR Gold Road Res -7 -4 -36 -29 1.14 $ 1,033,911,578.90
CWX Carawine Resources -7 -13 -15 -31 0.205 $ 24,500,227.95
WWI West Wits Mining -7 1 183 423 0.068 $ 90,424,771.31
MZZ Matador Mining -7 0 -27 52 0.335 $ 61,495,671.24
MML Medusa Mining -7 6 -24 14 0.8 $ 171,495,473.33
RDS Redstone Resources -7 -7 -19 63 0.013 $ 6,882,404.49
AGG AngloGold Ashanti -7 -3 -34 -5 5.65 $ 507,592,182.85
VAN Vango Mining -7 -5 -48 -52 0.062 $ 64,065,083.66
CHZ Chesser Resources -8 -16 -3 85 0.185 $ 81,151,312.50
AWV Anova Metals -8 -17 -35 127 0.024 $ 32,961,166.60
CAI Calidus Resources -8 -2 -30 58 0.44 $ 143,791,348.68
CTO Citigold Corp -8 -8 -8 140 0.012 $ 32,648,078.51
GNM Great Northern -8 -14 -54 71 0.012 $ 10,895,035.25
NAE New Age Exploration -8 0 20 300 0.012 $ 14,244,364.92
RXL Rox Resources -8 -8 -43 20 0.036 $ 75,843,653.13
SIH Sihayo Gold -8 -37 -61 -27 0.012 $ 47,910,998.37
NCM Newcrest Mining -8 -8 -30 -12 24.17 $ 19,695,343,600.08
ZAG Zuleika Gold -8 -4 34 104 0.047 $ 18,044,108.41
GED Golden Deeps -8 -15 -45 -39 0.011 $ 9,298,217.28
SKY SKY Metals -8 -18 22 -34 0.165 $ 41,930,470.76
AQX Alice Queen -9 10 -35 -9 0.032 $ 35,090,034.21
TSO Tesoro Resources -9 -28 17 689 0.21 $ 102,402,423.08
ADN Andromeda Metals -9 8 487 569 0.29 $ 635,054,708.97
AMI Aurelia Metals -9 -13 -34 -9 0.365 $ 469,044,079.50
ARV Artemis Resources -9 -41 -5 152 0.083 $ 95,488,202.63
ONX Orminex -9 18 -29 -49 0.04 $ 21,580,313.04
PRX Prodigy Gold NL -9 -11 -46 -30 0.039 $ 23,225,104.24
BRVDA Big River Gold -9 5 -24 65 0.37 $ 69,738,429.17
BYH Bryah Resources -9 -13 16 23 0.058 $ 9,058,889.97
DDD 3D Resources Limited -10 13 -10 80 0.0045 $ 18,101,860.46
ALY Alchemy Resource -10 0 0 67 0.018 $ 11,428,138.70
CLA Celsius Resource -10 -6 137 275 0.045 $ 41,370,249.81
WCN White Cliff Min -10 -44 80 350 0.018 $ 9,826,731.58
WMX Wiluna Mining Corp -10 -13 -9 5 1.15 $ 144,869,697.88
RRL Regis Resources -10 -14 -46 -26 3.18 $ 1,664,088,006.75
PNR Pantoro Limited -10 -21 -23 98 0.2 $ 274,637,654.46
SLZ Sultan Resources -10 -1 16 163 0.2 $ 13,559,205.86
WAF West African Res -10 -15 -27 43 0.785 $ 721,514,771.66
LCY Legacy Iron Ore -10 -28 420 1633 0.026 $ 162,428,201.44
WGX Westgold Resources. -10 -17 -14 -10 1.94 $ 843,471,987.30
KTA Krakatoa Resources -10 -20 -30 94 0.06 $ 17,573,850.00
CMM Capricorn Metals -11 -7 -22 25 1.54 $ 550,359,691.20
PRU Perseus Mining -11 -5 -28 -5 1.11 $ 1,398,160,831.80
TBR Tribune Res -11 -11 -40 -3 5.16 $ 267,587,192.70
ARN Aldoro Resources -11 37 143 24 0.28 $ 18,894,624.84
HAW Hawthorn Resources -11 -24 -24 37 0.08 $ 26,014,217.81
KWR Kingwest Resources -11 -11 0 -18 0.16 $ 26,127,955.86
TMX Terrain Minerals -11 -27 -56 100 0.008 $ 5,150,327.06
VMC Venus Metals Cor -11 -2 -17 -9 0.2 $ 30,215,736.60
RMS Ramelius Resources -11 -18 -40 6 1.27 $ 1,066,362,618.46
ALK Alkane Resources -11 -10 -39 -23 0.71 $ 428,679,936.00
MGV Musgrave Minerals -11 -17 -50 210 0.31 $ 162,632,999.45
RSG Resolute Mining -11 -9 -54 -45 0.62 $ 700,971,868.31
SSR SSR Mining Inc. -12 -12 19.34 $ 346,148,315.50
AGS Alliance Resources -12 6 -4 71 0.19 $ 39,523,255.46
SBM St Barbara Limited -12 -9 -43 -25 2.03 $ 1,474,198,458.26
RML Resolution Minerals -12 -12 -59 -55 0.03 $ 9,651,591.11
GTR Gti Resources -12 -24 -27 267 0.022 $ 14,179,395.96
GML Gateway Mining -12 -3 38 107 0.029 $ 55,205,432.40
ERM Emmerson Resources -12 -13 -34 -17 0.065 $ 32,834,063.43
AUC Ausgold Limited -12 16 22 194 0.05 $ 67,618,176.13
EVN Evolution Mining -12 -9 -34 -4 4.13 $ 7,227,661,769.55
AUT Auteco Minerals -13 -5 -49 262 0.105 $ 156,717,893.60
SBR Sabre Resources -13 -30 100 250 0.007 $ 11,781,445.54
MKG Mako Gold -13 -17 -31 41 0.096 $ 25,209,677.00
HRZ Horizon -13 -9 -33 -5 0.1 $ 59,637,396.00
NXM Nexus Minerals -13 -21 28 112 0.091 $ 23,194,408.75
AGC AGC -14 0.16 $ 10,497,729.02
SLR Silver Lake Resource -14 -17 -42 -19 1.37 $ 1,225,389,687.85
HRN Horizon Gold -14 -8 -6 91 0.44 $ 38,631,448.68
PKO Peako Limited -14 4 3 91 0.025 $ 4,993,408.60
ADV Ardiden -14 -18 0 200 0.018 $ 40,718,175.80
NPM Newpeak Metals -14 0 20 20 0.003 $ 14,377,412.81
THR Thor Mining PLC -14 -6 67 150 0.015 $ 7,233,231.68
SVL Silver Mines -15 7 -11 153 0.235 $ 262,014,904.25
PDI Predictive Disc -15 2 -32 740 0.058 $ 58,987,269.16
BNZ Benzmining -15 -26 1.04 $ 19,948,133.42
FFR Firefly Resources -15 -23 -8 236 0.115 $ 37,473,691.50
TRM Truscott Mining Corp -15 28 15 188 0.023 $ 2,942,655.51
VRC Volt Resources -15 21 -11 31 0.017 $ 41,093,733.92
NST Northern Star -15 -19 -30 -25 10.42 $ 12,332,490,701.40
DCX Discovex Res -16 14 0 60 0.008 $ 10,167,394.65
AAR Anglo Australian -17 -29 -39 -13 0.1 $ 58,311,830.02
E2M E2 Metals -17 -39 109 135 0.365 $ 56,907,244.28
NML Navarre Minerals -18 -22 0 22 0.14 $ 76,319,901.14
DCN Dacian Gold -18 -20 3 -55 0.385 $ 217,038,336.06
STN Saturn Metals -19 -39 -55 -15 0.365 $ 39,047,223.60
A1G African Gold . -19 -22 13 40 0.19 $ 15,362,711.91
SPQ Superior Resources -20 -40 33 156 0.012 $ 17,901,956.25
AAJ Aruma Resources -20 -9 -29 150 0.075 $ 7,735,147.67
SNG Siren Gold -21 -28 0.49 $ 27,245,107.80
AZS Azure Minerals -21 -28 100 169 0.35 $ 109,370,430.96
BGL Bellevue Gold -27 -27 -31 37 0.745 $ 642,654,092.12
STK Strickland Metals -29 -41 -57 20 0.024 $ 10,528,788.03
GMR Golden Rim Resources -31 -25 -36 0 0.009 $ 22,763,647.22
MCT Metalicity Limited -32 -24 -54 275 0.013 $ 22,970,925.32
MHC Manhattan Corp -36 -33 -42 200 0.018 $ 23,873,016.47