Silver
This industry mines a unique dual-purpose metal that is valued both as a precious investment asset and as a critical industrial component for electronics and solar panels.
Why it exists
Silver businesses serve both monetary/investment demand and a wide set of industrial uses (electronics, solar, medical).
Why it’s necessary
Silver has superior electrical and thermal conductivity, making it critical for electronics, solar panels, and specialized applications—plus jewelry and investment coins.
Key components
Primary silver mines (rarer)
By-product production from lead, zinc, copper, and gold mines
Refining and fabrication
How to evaluate businesses
Evaluate how much of production is true primary silver vs by-product, cost curves, exposure to industrial vs jewelry/investment demand, and reserve life. Price volatility is often higher than gold, so financial resilience matters.
How the industry could be improved
Better alignment between industrial users and miners, more long-term supply contracts, and continued advancement in recovery and recycling from electronic scrap.