iShares MSCI Global Select Metals and Mining Producers ETF【PICK】株式ニュース

Silver is entering one of the most compelling setups it has seen in decades. What makes the case so strong is that multiple long-term forces are converging at the same time, all pushing demand higher while supply struggles to keep up.

Below is the clearest, most persuasive bullish framework.

1. Solar is becoming a silver-eating machine
Even though manufacturers are trying to thrift silver, the reality is simple:
solar installations are growing faster than silver-use reductions can keep up.

Solar is now the largest industrial consumer of silver.

Global solar capacity additions keep hitting new records every year.

Even with thrifting, total silver demand from photovoltaics keeps rising because the number of panels being produced is exploding.

China’s shift toward copper helps at the margin, but it doesn’t eliminate the fact that solar remains structurally dependent on silver’s conductivity, especially for high-efficiency cell types.

This is a long-term demand engine.

2. Electrification is silver-intensive
Silver is essential in:

EVs

Charging infrastructure

Power electronics

Grid expansion

5G and future telecom hardware

Every major global decarbonization plan increases silver intensity. Unlike many metals, silver has no perfect substitute in high-performance electrical applications.

3. Supply is stagnant — and in some regions, shrinking
This is the part most people overlook.

Silver supply is not responding to higher demand:

Mine production has been flat to declining for years.

Many silver mines are actually by-products of lead, zinc, or copper mining — meaning supply doesn’t rise just because silver prices rise.

New silver projects take years to bring online.

You have a classic setup: demand rising, supply stuck.

4. Investment demand is waking up
When industrial demand is strong and supply is tight, investors eventually notice.

Silver benefits from:

Inflation hedging

Currency debasement fears

Geopolitical uncertainty

A widening gold-silver ratio

Historically, when silver starts to move, it moves fast because the market is small and easily overwhelmed by capital flows.

5. The gold–silver ratio is historically stretched
When the ratio is extremely high, silver has tended to outperform gold in the following years.

A stretched ratio signals that silver is undervalued relative to gold, especially given its industrial importance.

6. The world is entering a commodity-tight era
Decades of underinvestment in mining, combined with rising global demand for metals, create a backdrop where critical materials with real utility become more valuable.

Silver fits this theme perfectly.

The Bullish Bottom Line
Silver sits at the intersection of:

surging industrial demand

accelerating solar expansion

electrification megatrends

constrained mine supply

rising investor interest

undervaluation relative to gold $PICK