The executive order is part of Biden’s broader $1 trillion Green Energy and Infrastructure spending plan, to transform the economy and firmly position the United States an industry leader the Electric Vehicle market.
Electric Vehicles currently represent 2% of total global vehicle sales and are forecast to exceed 25% of total sales by 2030 – that’s a whopping 1150% increase in growth by the end decade.
Biden’s Electric Vehicle revolution, ultimately means that the U.S is going to need more commodities.
Specifically industrial metals including: Copper, Palladium, Platinum, Lithium, Nickel and rare earth metals for batteries and renewable energy technology. Above all, it needs Silver – and lots of it.
Silver is a key component in President Biden’s ambitious $1 trillion dollar plan – as it will go into the Electric Vehicles, as well as the batteries, fuel cells and plug-in charging stations to power them – as well as the cables connecting new wind turbines and solar farms to the electric powered grid.
Currently, Silver prices are trading near $25 an ounce, which presents an incredible opportunity for traders to gain exposure in the metal before it really takes off.
Goldman Sachs see silver prices rising to $33 an ounce in H2 2021, boosted both investment and industrial demand for the precious metal – and our research suggests similar.
In my opinion, Silver is still definitely the best trade right now and any substantial pullbacks should be viewed as buying opportunities.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
For a look at all of today’s economic events, check out our economic calendar.