Bloomberg Surveillance · Thursday, August 6, 2026
Suki Cooper explains that silver's performance is tied to both industrial outlook and uncertainty. While AI demand is a growing factor, substitution risks in the solar industry pose a threat. Cooper notes that despite a recent retail surge, industrial silver usage, exceeding half of total consumption, is more significant than its role in jewelry. She also highlights a five-year trend of undersupplied silver markets, leading to sharp price movements.
“If gold is our barometer for uncertainty, silver is our kicker on uncertainty plus the outlook for the industrial picture.”
“On the one hand, you've got that AI demand boost that's growing, but the substitution risk on the solar side could be quite sharp.”
“But we've had five successive years of undersupplied market, so that readily available stock is no longer there, and that's one of the reasons we're seeing these shop moves.”