Silver’s new industrial role rings in fresh interest in NSW

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Silver’s growing industrial role is lifting its outlook, while NSW’s rich deposits and rising exploration activity put ASX-listed miners in ... Read More The post Silver’s new…

NSW resources plays are ringing in as industrial silver demand grows. Pic: Getty Images

New South Wales and silver are two topics that aren’t normally mentioned in the same breath, but growing industrial demand and surging activity in the eastern state have served to bring them closer together.

Silver was historically considered to be the poor man’s gold, with prices typically taking their cue from its more glamourous sibling.

However, growing industrial demand has transformed the commodity, with prices surging to all-time highs of about US$120/oz in January 2026 before falling sharply amid the Iran conflict and rising interest-rate expectations.

The commodity is now trading at about US$53/oz, with J.P. Morgan forecasting a 2026 average of US$70/oz and a 2027 average of US$63/oz.

Supply is also a concern with the Silver Institute’s April survey forecasting a sixth straight annual supply deficit in 2026, at 46.3Moz, with mine output broadly flat.

In the longer run, the bulls dominate with a survey of delegates at the recent London Bullion Market Association Precious Metals Conference returning an average expected price of US$97.40/oz by this time next year.

Argent Minerals (ASX:ARD) chief executive officer Mike McKevitt told Stockhead that silver is less seen as a precious metal now and more seen as a commodity used in industry.

“For many years, silver’s been US$20 to US$25 an ounce, which kind of means that silver is economic as a byproduct but not as a primary product,” he noted.

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