Silver prices are drawing investor attention after jumping 17 percent in a month amid wars and supply-chain uncertainty. BeinCrypto reported on March 7 that silver rose from $72 in early February to $94 and is now stabilising around $84.

Investor and author Robert Kiyosaki said, "War is devouring silver," pointing to a sharp increase in demand for silver needed to manufacture weapons. He said large amounts of silver are used in rockets and missiles in the Israel-Hamas war and the war in Ukraine, fuelling supply shortages.

British political commentator Jim Ferguson said, "Silver is now at the heart of national security infrastructure," adding that it plays an essential role in missiles, satellites, AI systems, solar grids and weapons platforms. Silver is the best conductor and an essential material for advanced weapons systems and electronic devices.

Macro analyst Dario Perkins said, "A single Tomahawk missile requires 500 ounces of silver," and warned that shortages will worsen with China accounting for 70 percent of global silver refining. Another factor behind rising silver prices is supply-chain uncertainty in Mexico. Any disruption in supply from Mexico, the world’s largest silver producer, has an immediate impact on the global market.

Rapid growth in the solar industry is also lifting silver demand. The solar industry’s silver consumption is expected to rise from 82 million ounces in 2016 to 198 million ounces in 2024, and reach 320 million to 450 million ounces by 2030. That is equivalent to half of current global silver output.

Unlike gold, silver plays a dual role as a safe-haven asset and an essential industrial material. With war, the energy transition and supply-chain uncertainty overlapping, silver’s rise is likely to continue for the time being.