Silver is trading near historic lows compared to gold, with over 100 ounces of silver now needed to buy one ounce of gold—far above the 25:1 ratio seen in 2011.
One reason for this underperformance is the decline in silver’s use in photography, which once consumed 25% of global supply. Today, that figure is just 3%.
However, silver’s future is bright: demand from solar panel production now accounts for 16% of global silver use, and its role in battery and clean energy technologies is growing. From a historical perspective, silver appears undervalued relative to gold—making now a potentially attractive entry point.
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