Silver hit an all-time high on Wednesday, trading at US$92 an ounce, with industry leaders calling it the ‘next generational metal.’
The rally is being driven by rising demand from electrification, clean energy, and data centres, as well as a persistent supply deficit.
But Canada, which holds some of the richest silver deposits in the world, does not consider its production a priority. It is not included in its critical minerals strategy.
That stance is holding Canada back, industry leaders say, as silver becomes increasingly essential to modern technology.
“I think it would be short sighted of them to leave it off,” said Michael DiRienzo, president and CEO of the Silver Institute, an international non-profit organization that serves as a global voice for the industry.
“Anything that has an on-and-off switch has silver inside of it.”
A Silver Institute report, Silver: The Next Generational Metal estimates global information technology capacity has grown more than 5,000 per cent over the past 25 years.
‘Silver does not meet Canada’s definition of a critical mineral’
While the Natural Resources Department maintains that its list of 34 critical minerals is the ‘foundation’ for modern technology and the green economy, it explicitly excludes the metal.
“Silver does not meet Canada’s definition of a critical mineral as there is a robust global supply of silver, and its supply chain is not threatened,” the department said in an emailed response.
DiRienzo disputes this official assessment. He said the global market is projecting a 95 million ounce shortfall this year.
“The amount of silver coming to the market is less than what our demand requirements are,” said DiRienzo.
Silver is produced as a byproduct of other metals like gold, and copper and nickel but its exclusion from Canada’s critical minerals list means it does not receive the same strategic focus or policy prioritization as other metals tied to electrification, he said.
U.S. included silver as a critical mineral two months ago
In November 2025, the U.S. Geological Survey (USGS) officially added silver to its final 2025 List of Critical Minerals.
It updated its methodology to reflect the metal’s growing industrial role, a move Michael DiRienzo said Canada needs to follow.
“It formally recognized silver’s transformation from primarily a precious metal into a strategic industrial commodity,” DiRienzo said.
The USGS also updated its criteria to identify minerals essential to the U.S. economy and national security, focusing on factors like potential economic disruption and supply chain reliance on a single domestic producer.
Push to include silver
Canadian mining executives are pressing Ottawa to follow suit.
Last year, First Majestic Silver and about 20 mining industry executives and advocates sent an open letter to the Ministry of Energy and Natural Resources, urging Canada to classify silver as a critical mineral.
It said while Canada ranked 13th in global silver production in 2022 and remains the second-largest supplier to the U.S, domestic output has declined over the past decade due to falling ore grades and aging deposits.
The letter cited silver’s essential role in low-emission technologies and its properties as an electrical and thermal conductor.
National Resources Canada requires a mineral to meet one of three criteria to be considered a critical mineral.
The letter argues that silver meets all three.
Critical minerals requirements
- Essential to Canada’s economic or national security
- Required for the transition to a low-carbon and digital economy
- Position Canada as a strategic global partner
The letter also challenged assumptions about above-ground supply, noting the market recorded a 237.7 million-ounce deficit in 2022, one of the largest on record.
Canada’s critical minerals list was last updated in 2024 and is reviewed every three years.
Mining policies are holding industries back
Labelling minerals as “critical” does not address the main challenges facing Canada’s mining sector, said Jack M. Mintz, public policy analyst at the C.D. Howe Institute.
“I really think this whole focus on critical minerals is wrong,” Mintz said.
He noted that mining deposits often contain multiple minerals, which makes it difficult to apply clean, separate policy treatments to each.
“I always get a little bit worried when governments are taking winners and losers,” said Mintz.
“We’re still doing that, and I think that’s one of the political problems that we’re going to be creating as a risk.”
Dual appeal of silver
For investors, silver’s appeal is growing.
Silver is also emerging as the top metals investors are watching into 2026, according to Brooke Thackray, research analyst at Global X.
“Not only is it a critical mineral needed to produce EV cars, solar panels, all that sort of stuff, but at the same time, it’s also an investment vehicle,” said Thackray.
Because silver production is largely tied to other metals, supply cannot quickly respond to higher prices, even as demand continues to rise, he said.
“So it’s sort of like a little bit of a diversification,” said Thackray.