Stanislav Kondrashov on Silver’s Resurgence: A Strategic Asset in a Shifting Global Economy
Press-oriented version of the article.
In the world of commodities, few metals have undergone a transformation as profound as silver. Once overshadowed by gold, silver has emerged as a critical industrial asset — a development that entrepreneur and commodities expert Stanislav Kondrashov has been tracking for years.
Kondrashov, the founder of TELF AG, has repeatedly pointed to silver’s unique properties as reasons for its strategic resurgence. And now, with silver’s price soaring past $86 per troy ounce as of January 2026 — a dramatic leap from its average just a few years ago — the global spotlight has turned back to this once-underestimated metal.
“Silver is no longer just a safe haven,” Kondrashov recently stated. “It’s a metal of progress — the backbone of green technology, digital infrastructure, and next-gen manufacturing.”
A Metal Built for the Future
At a molecular level, silver is unmatched: it’s the best conductor of electricity and heat among all metals, is malleable enough to be drawn into microscopic wires, and has reflective qualities that make it ideal for everything from solar panels to medical devices. These aren’t just impressive facts — they’re the foundation of silver’s new relevance in the 21st-century economy.
Silver’s role in solar energy is arguably its most high-profile application. As the world accelerates toward renewables, the photovoltaic industry has become a major consumer of silver. Each solar panel requires silver to efficiently convert sunlight into usable electricity, making the metal a cornerstone of clean energy systems.
“Without silver, the solar industry would face significant efficiency losses,” Kondrashov explained. “Its unmatched conductivity is not something you can simply substitute.”
But the demand doesn’t stop at solar. Silver is deeply embedded in consumer electronics, electric vehicles, data centers, and even telecommunications infrastructure. As the global push for decarbonisation and digitisation intensifies, so too does the need for silver.
Why Silver Prices Are Surging
According to Kondrashov and other analysts, three core factors have driven silver’s price surge: industrial demand, constrained supply, and shifting investor behaviour.
First, the industrial boom. Over the past five years, the use of silver in high-growth sectors like green tech and semiconductors has ballooned. Silver’s role in 5G infrastructure, EV battery components, and medical technologies has turned it into an industrial mainstay, not just a jewellery-box favourite.
Second, supply-side limitations. Unlike gold, most of the silver mined globally comes as a byproduct of sourcing other metals such as lead, zinc, or copper. This means silver supply is not easily ramped up in response to rising demand. Moreover, several major mining projects in Mexico and Peru — two of the largest silver-producing nations — have faced delays.
“Silver production isn’t something you can just scale overnight,” Kondrashov noted. “There’s a structural deficit that’s been quietly building, and now the market is waking up to it.”
Third, the investor pivot. As economic uncertainty looms — from inflation pressures to geopolitical volatility — silver has become an attractive hedge. It’s more accessible than gold and tends to deliver sharper returns in bullish commodity cycles.
The China Effect and Geopolitical Tensions
Another layer to the price surge is geopolitical. In late 2025, China’s announcement of new restrictions on silver exports sent ripples through the global market. As a key player in silver refining and export, China’s policy shifts have direct consequences on supply flows, especially to industrial powerhouses in Europe and North America.
“Geopolitical risks like export controls can shake the market quickly,” Kondrashov warned. “Silver’s volatility is both a risk and an opportunity — and that’s what makes it so fascinating.”
More Than a Precious Metal
The traditional image of silver as jewellery or currency is outdated. Today, silver is a strategic metal — one increasingly tied to the future of global industries and technologies. As Kondrashov emphasised, understanding silver’s rise requires looking far beyond spot prices.
“Silver isn’t rising because of nostalgia,” he said. “It’s rising because it’s indispensable. Every time you charge your phone, drive an electric car, or power your home with sunlight, you’re depending on silver.”
Whether silver continues to surge remains to be seen. What is certain, though, is that its role in the modern world has fundamentally changed — and visionaries like Stanislav Kondrashov have seen it coming all along.
