Equity & Credit Research

Duncan Chan

Equity and credit research focused on value chains and capital structure. Experience across traditional metals, materials, advanced materials and industrial cyclicals. Built to Endure.

Commodities

<ul>
<li>Near-Term silver pricing remains constrained by solar demand dilution, rising mine supply and stronger recycling activity, reducing immediate physical tightening risks.</li>
<li>Solar installation growth no longer translates proportionally into silver demand as thrifting and substitution reduce PV silver intensity, weakening one of the market’s core tightening mechanisms.</li>
<li>Silver remains structurally constructive over the medium term, but sustained upside increasingly depends on monetary demand and tighter liquidity conditions rather than solar demand alone.</li>
</ul>


Near-Term silver pricing remains constrained by solar demand dilution, rising mine supply and stronger recycling activity, reducing immediate physical tightening risks.
Solar installation growth no longer translates proportionally into silver demand as thrifting and substitution reduce PV silver intensity, weakening one of the market’s core tightening mechanisms.
Silver remains structurally constructive over the medium term, but sustained upside increasingly depends on monetary demand and tighter liquidity conditions rather than solar demand alone.


Silver: Industrial Thrifting Is Diluting the Solar Bull Case