Silver shortage predicted by world bank

[Sparty]

The World Bank forecasts that by 2050, consumption of silver in energy could grow dramatically, reaching a level equivalent to more than 50% of the entire current total silver demand—the largest proportion for any non-battery metal. The amount of silver in cars is also climbing sharply. Electric vehicles have a lot more electronics than automobiles powered by internal combustion engines. Silver is an excellent conductor and the metal is required in specialized componentry. Taken together with solar, silver demand could go from 120 million ounces today to as high as 500 million ounces by 2050


Increased use of silver in the production of electric vehicles and solar panels is expected to drive significant growth in demand for the metal in the coming years. According to the World Bank and analysis by Hecla Mining, silver demand could reach as high as 500 million ounces by 2050, an increase from the current demand of 120 million ounces. This growth is largely due to silver's excellent conductive properties and its increasing use in the electronics of electric vehicles and solar panels.

I asked Gemini to fact check the above as it was posted in 2009.

Here is Gemini's 2024 response: The information you provided about silver demand is mostly accurate, but with some key points to consider:

Mostly Accurate:

Silver demand in energy (mainly solar) is expected to grow significantly: There is strong evidence supporting this. A study by the University of New South Wales suggests solar panels could consume a large portion of silver reserves, potentially between 85% and 98% by 2050 [source: aheadoftheherd.com].

Electric vehicles use more silver than traditional cars: This is true due to the increased electronics in EVs [source: Silver Institute reports mentioned in various articles].
Silver demand is projected to rise: There is agreement among analysts that silver demand will grow, with the World Bank being one source of such forecasts [source: Axi - Silver price forecasts]
Uncertainties:

Specific figures: The claim of reaching 500 million ounces by 2050 is a prediction, and such long-term forecasts can be uncertain. There might be variations depending on the source and their specific methodology.

World Bank as source: While the World Bank might have made such a forecast, it's difficult to verify without an exact reference. It's better to rely on multiple sources for such claims.
Here's a more cautious way to phrase the information:

The increasing use of silver in electric vehicles and solar panels is expected to significantly drive up demand for the metal in the coming decades. Analysts predict a substantial rise in silver consumption, with some estimates suggesting a potential increase from the current 120 million ounces to as high as 500 million ounces by 2050. This growth is attributed to silver's excellent conductive properties and its crucial role in the electronics of EVs and solar panels.

By acknowledging the uncertainties, you provide a more balanced view of the information.