Despite its critical role in military, industrial, and technological applications, silver remains conspicuously absent from the U.S. Department of Energy (DOE) and U.S. Geological Survey (USGS) 2022 critical materials lists. These lists identify minerals essential to the U.S. economy, national security, and technological advancements, yet neither silver nor gold were included. This omission raises several questions, especially given silver’s growing demand across various sectors.
The List of 50 Critical Minerals: Aluminum, antimony, arsenic, barite, beryllium, bismuth, cerium, cesium, chromium, cobalt, dysprosium, erbium, europium, fluorspar, gadolinium, gallium, germanium, graphite, hafnium, holmium, indium, iridium, lanthanum, lithium, lutetium, magnesium, manganese, neodymium, nickel, niobium, palladium, platinum, praseodymium, rhodium, rubidium, ruthenium, samarium, scandium, tantalum, tellurium, terbium, thulium, tin, titanium, tungsten, vanadium, ytterbium, yttrium, zinc, and zirconium.
Why Were Silver and Gold Omitted?
While the exclusion of silver (and gold) might seem puzzling at first glance, several factors could explain this decision:
Historical Overreliance on Reserves: The U.S. may have historically had access to ample domestic silver reserves or reliable foreign sources, reducing concerns over supply vulnerability. This historical overreliance may have led to a perception that silver is not "critical" enough to be included in current assessments.
Classification and Strategic Secrecy: Silver is known to be critical for various military applications, such as missile guidance systems, communication devices, and defense electronics. It’s possible that the full extent of military demand for silver is classified, keeping it off public lists to avoid disclosing sensitive information about stockpiles and strategic uses.
Focus on Emerging Technologies: The critical materials lists heavily emphasize elements essential for emerging technologies—particularly those vital to renewable energy (like lithium and cobalt), battery production, and advanced electronics. While silver plays a significant role in electronics and solar energy, the focus may have shifted toward less traditional materials that are more immediately integral to cutting-edge developments.
Economic Factors: Silver, while strategically important, is more affordable compared to many of the critical minerals included on the list. The relatively lower price of silver may have influenced decision-makers to prioritize more expensive, rarer materials deemed more critical for their economic impact.
Data Limitations: Another plausible explanation is data limitations. Silver's diverse use across industries, combined with difficulty in tracking its applications, particularly in classified military projects, could have hindered its inclusion on the lists. In contrast, many of the materials listed have clearer, more direct applications in specific technologies.
The Case for Silver’s Inclusion
Despite being omitted, silver remains a critical component in many areas:
- Military: Silver is used in critical defense technologies such as missile systems, night vision equipment, and high-end electronics.
- Industrial Demand: Silver is indispensable in solar panels, electronics, and medical applications. In 2023, 12% of silver demand came from the solar industry alone, according to the Silver Institute, a figure that’s expected to rise as the global push for renewable energy continues.
The Need for Reassessment
Given silver’s strategic importance in defense and emerging technologies, its exclusion from the critical materials list may need to be reevaluated. With increasing demand and shrinking inventories at major exchanges like the LBMA and COMEX, silver’s availability and role in industrial applications could shift its perception from “non-critical” to essential in the near future.
Silver’s price volatility, along with potential supply disruptions, may also warrant further consideration. The metal plays a key role in the clean energy transition, advanced medical technologies, and critical military systems—areas of immense importance to U.S. national security and economic resilience.
Push for Silver's Inclusion in Critical Minerals Lists by Top Producers
In recent months, several of the world’s top silver producers have ramped up efforts to have silver recognized as a critical mineral by both the United States and Canada. As global demand for silver continues to rise—fueled by its essential role in industries like solar power, electric vehicles, and nuclear energy—key players in the mining industry argue that the metal deserves a spot on the critical minerals list.
In a joint letter sent to Canadian Minister of Energy and Natural Resources Jonathan Wilkinson, the CEOs of 19 major mining companies, including Coeur Mining, Hecla Mining, and First Majestic Silver, made the case for silver’s inclusion. Their argument centers on silver’s unmatched properties, including its status as the best electrical conductor, thermal conductor, and reflective material among metals.
See also: Top producers push for silver’s inclusion as a critical mineral in Canada and US (Mining.com)
Conclusion
The omission of silver from the U.S. critical materials lists is perplexing, especially in light of its essential role in numerous high-demand sectors. Policymakers should consider reassessing silver’s status, ensuring the United States secures sufficient supplies to meet future needs. A thorough examination of supply chain vulnerabilities, demand trends, and potential geopolitical risks could be instrumental in shaping future policy decisions about silver.
As the world moves toward cleaner energy and more technologically advanced defense systems, silver’s strategic importance will only grow, underscoring the need for proactive measures to secure this precious resource.
Augusta Precious Metals $0 (10 Years) $50,000 "Best Overall" by Money Magazine, Award-Winning for 6 Years, Thousands of 5-Star Rankings Goldco Vary $25,000 Industry leader with over $2 Billion in gold and silver. Top rated precious metals company with buy back guarantee American Hartford Gold Vary $10,000 American Hartford Gold, ranked #1 Gold Company on Inc. 5000, boasts thousands of A+ BBB ratings and 5-star reviews, endorsed by Bill O'Reilly and Rick Harrison..Expand Details
Renowned for its exceptional customer service and commitment to transparency, Augusta Precious Metals has garnered numerous accolades, including "Best Overall" from Money magazine and "Most Transparent" from Investopedia. The company's dedication to educating and supporting its clients has earned it top ratings from organizations such as A+ from BBB and AAA from BCA.Expand Details
From precious metals iras to direct purchases of gold and silver, goldco have helped thousands of americans place over $2 billion in gold and silver. Top-rated precious metals company rated A+ by the better business bureau rated triple a by business consumer alliance earned over 6,000+ 5-star customer ratings Money.Com 2024 best customer service 2024 inc. 5000 regionals: pacific ranked #17 2024 gold stevie award, fastest growing company inc. 5000 award recipient, 8+ yearsExpand Details
With over $2 billion in precious metals sold, American Hartford Gold helps individuals and families diversify and protect their wealth. Their expert team provides investors with the latest market insights and a historical perspective, ensuring informed decisions. Trusted by public figures and praised for exceptional customer service, the company offers competitive pricing on top-tier gold and silver coins, backed by a 100% customer satisfaction guarantee
