From a high level we know there are secular trends gripping global markets and industry. Here are some of those trends

Commodity Collateral shortages- East to west1

Technology Embargoes- West to east

Supply-Chain Restructuring- Brics and G7

Complexity collapse/ Deglobalization- Globally

Monetary Multipolarity- Globally but agressively by BRICS

Net-Zero Energy Transition- Globally but by G7 aggressively

These backdrop issues serve to exacerbate the emerging problem surrounding our global Silver Supply/Demand imbalances. Therefore, a healthy examination of China's Photovoltaic (Solar) industry can give insight into how these emerging trends are manifesting in Silver itself.

Sections:

Purpose

China's Solar Silver Supply-Chain

What is the Silver Value-Chain?

Value-Chain (Sweet Spot) Analysis

What Else the Value Chain Says

SOLAR CELLS> SOLAR PANELS

PASTE>

POWDER>

Bottom Line: China Not Likely an Exporter

Addendum: Not Enough Supply, Too Much Demand

About the Authors

Original PDFs