Silver is a primary ingredient in photovoltaic cells, and 90% of crystalline silicon photovoltaic cells, which are the most common solar cell, use a silver paste. What happens is that when sunlight hits the silicon cell it generates electrons. The silver used in the cell works as a conductor to collect these electrons in order to form a useful electric current. The silver then transports the electricity out of the cell so it can be used.
The US Energy Information Administration reported that use of US Solar Energy Production has more than doubled since last year. If solar adoption continues at this rate it could give silver a boost.
With a 2.3 percent increase on Monday, September 1, Indian silver was the biggest mover on the Global Precious Metals MMI®. Weakening prices followed two days of improvement as the price of Chinese silver dropped 0.1 percent to CNY 4,220 ($686.97) per kilogram. The price of Japanese silver remained steady at JPY 650.00 ($6.27) per 10 grams. The price of US silver held steady at $19.36 per ounce.
Indian gold bullion prices inched up 1.1 percent to INR 28,095 ($463.51) per 10 grams. At CNY 254.70 ($41.46) per gram, Chinese gold bullion fell 0.2 percent last Friday. The price of Japanese gold bullion nudged up 0.2 percent last Friday, closing at JPY 4,295 ($41.41) per gram. US gold bullion stayed flat at around $1,281 per ounce.
After a 0.4 percent increase, Japanese platinum bar finished the day at JPY 4,781 ($46.10) per gram. At CNY 300.00 ($48.84) per gram, the price of Chinese platinum bar was essentially unchanged. US platinum bar held its value last Friday at $1,400 per ounce.
At CNY 198.00 ($32.23), the price of Chinese palladium bar finished the market day up 2.1 percent per gram. The price of Japanese palladium bar finished the day at JPY 2,994 ($28.87) per gram following a 0.4 percent increase. US palladium bar saw little change in its price last Friday at $883.00 per ounce.