automobile industry could be the key to silver’s long-term success, according to Keith Neumeyer, CEO of First Majestic Silver. In a recent interview, Neumeyer highlighted the growing demand for renewable energy and electric vehicles, which rely heavily on silver for their production.
As the world shifts towards more sustainable energy sources, the demand for electric vehicles is expected to skyrocket. These vehicles require a significant amount of silver for their batteries, wiring, and other components. In fact, a single electric car can contain up to 5 times more silver than a traditional gasoline-powered car.
Neumeyer believes that this growing demand for electric vehicles will drive up the price of silver in the medium to long-term. He predicts that silver could reach $125 per ounce, a significant increase from its current price of around $21 per ounce.
While some may be skeptical of Neumeyer’s bold prediction, there is no denying the importance of silver in the production of renewable energy and electric vehicles. As the world continues to prioritize sustainability, the demand for these technologies will only continue to grow, and with it, the demand for silver.
Investors who are looking to capitalize on this trend may want to consider adding silver to their portfolios. While there may be short-term fluctuations in the price of silver, the long-term outlook for this precious metal is looking increasingly bright.
