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Finshots Daily
Can new battery tech boost silver’s fortunes?
Sep 4, 2024
Explore the exciting potential of cutting-edge EV battery technology and its impact on silver demand. Discover how solid-state batteries could significantly elevate the role of silver in the electric vehicle sector. Historical price trends offer insights into what the future might hold for silver, hinting at a potential surge in its market value. Tune in to find out how innovation in batteries could reshape this precious metal's fortunes!
08:31
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Quick takeaways
- The introduction of solid-state batteries in EVs could boost silver demand dramatically, impacting its availability and market dynamics.
- Historically, silver prices are influenced by industrial demand and technological shifts, complicating predictions amidst rising usage in sectors like solar energy.
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The Impact of Solid-State Batteries on Silver Demand
The development of Samsung's solid-state batteries, which promise to reduce charging time to just nine minutes, could significantly increase the demand for silver in electric vehicles (EVs). These batteries utilize a silver carbon composite in their construction, enhancing both efficiency and durability. If only 20% of the 80 million electric cars produced annually adopt this technology, it could require approximately 16,000 metric tons of silver, which is about 60% of global silver production. This dramatic shift in demand raises concerns about the future availability of silver, especially as its current uses in electronics, solar panels, and jewelry already place considerable strain on supplies.
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