Silver Momentum Moderates as Industrial Substitution Fears Anchor Prices

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The Thrifting Narrative

Major photovoltaic manufacturers have accelerated R&D into silver-free conductive pastes. Analysts warn that if silver remains above $80, the structural demand from the solar sector could see its first significant decline in a decade.

Asian Premium Normalization

The record premiums seen in Shanghai and Hong Kong earlier this week are beginning to narrow as local export licenses are gradually issued, allowing for a more fluid global arbitrage.