Ann: Investor Presentation - Gold Forum Europe, page-50

"China and India want physical delivery".............
Unless they can find a way to make solar panels with paper, they are going to need actual metal pretty soon. The major use for silver fifty years ago was for photography, and once that demand was decimated by digital technology we were told that silver would never become "precious" again. The fact that few appreciated was that most of the silver used in photography was recovered and recycled in the film developing labs so the net use wasn't as much as it appeared. I guess that some of the silver used in solar panels will be recycled in time, but that source of supply will take many years to become significant.