Locksley Resources (LKY:AU) has announced U.S. Investors Lead Oversubscribed $17m Placement
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Perth, Australia (ABN Newswire) – Locksley Resources Limited (ASX:LKY,OTC:LKYRF) (FRA:X5L) (OTCMKTS:LKYRF) announced the successful completion of a heavily oversubscribed capital raising (‘Placement’), securing firm commitments to raise approximately A$17 million via a placement of new shares at A$0.24 per share to domestic and international professional and institutional investors.
HIGHLIGHTS
– A$17 million raised at A$0.24 per share through an oversubscribed placement to domestic and international institutional and sophisticated investors
– Cornerstone U.S. institutional support provides strong strategic validation of Locksley’s role in advancing onshore supply of antimony and rare earths for U.S. national security and industrial supply chains
– Strengthened balance sheet enables rapid progression of Locksley’s U.S. Mine to Market strategy while complementing ongoing engagement with federal funding and grant programs
– Funding accelerates drilling, downstream technology development, and project execution, while deepening engagement with U.S. institutional partners and key government agencies
– Locksley Investor Webinar – See link below
The Placement was led by well established U.S. institutional investors, providing a strong endorsement of Locksley’s strategy to deliver a fully integrated U.S. based ‘Mine to Market’ critical minerals supply chain. Their participation brings not only capital but aligned sector expertise and ongoing engagement that supports the Company’s downstream development objectives within the United States.
The raise was conducted under the Company’s refreshed placement capacity pursuant to ASX Listing Rules 7.1 and 7.1A, following shareholder approval at the Annual General Meeting held on 28 November 2025.
Strategic Execution Enabled by the Placement
Proceeds from the Placement will accelerate execution across the following:
– Rapid Advancement of drilling, assay programs and structural mapping to define mineralisation across the Mojave Project
– Acceleration of downstream processing and American-made conversion planning for antimony products
– Enhanced positioning for engagement with federal level funding initiatives, supporting Locksley’s role within the U.S. critical minerals ecosystem
– Accelerated progression toward first-mover status in restoring domestic U.S antimony supply, aligned with national security and industrial demand
– Continuous parallel execution of permitting, stakeholder engagement, engineering and project scheduling
Locksley Managing Director, Kerrie Matthews, commented:
‘The depth of support across both international and Australian institutional markets represents a strong validation of our strategic pathway. In particular, the strong level of U.S. participation aligns directly with our downstream ambitions and reinforces the commercial relevance of our development plan.
The involvement of leading U.S. institutional investors is more than capital allocation; it is a strategic endorsement of Locksley’s emerging role within the domestic U.S critical minerals sector. This support comes at a time when the U.S administration is emphasising critical minerals as a national security priority and seeking to reduce reliance on foreign-controlled processing capacity.
With this institutional backing, Locksley is positioned to advance its contribution to a U.S. based supply chain for antimony and rare earths.
Importantly, this funding allows us to execute at pace while continuing to progress federal engagement initiatives. The capital secures our ability to accelerate exploration, development planning, and downstream partnerships, unlocking the full potential of the Mojave Project.
We are delighted to welcome these new investors to the register and look forward to working with partners who can support our long-term growth agenda.’
Investor Webinar – U.S Development Progression & Execution Strategy
Locksley invites shareholders and investors to attend a live Investor Webinar to discuss recent milestones and provide an update on the advancement of its U.S Mine to Market execution pathway and upcoming development milestones.
ZOOM WEBINAR: TUESDAY, 9th DECEMBER 2025 at 1:00pm AEDT / 10:00am AWST
REGISTRATION LINK:
https://www.abnnewswire.net/lnk/85LT5VD6
Placement Details:
The Placement was managed by Alpine Capital Pty Ltd and Titan Partners Group, a division of American Capital Partners, acting as Joint Lead Managers.
Settlement of the Placement is expected to occur on or around 11 December 2025, with new shares to rank equally with existing fully paid ordinary shares. An Appendix 2A and cleansing notice will be released to the ASX in due course.
The Placement is structured under a single tranche comprising 70,833,334 new Securities to raise approximately A$17,000,000, conducted under the placement capacity of the Offer in accordance with ASX LR 7.1 & LR 7.1A.
About Locksley Resources Limited:
Locksley Resources Limited (ASX:LKY,OTC:LKYRF) (FRA:X5L) (OTCMKTS:LKYRF) is an ASX listed explorer focused on critical minerals in the United States of America. The Company is actively advancing exploration across two key assets: the Mojave Project in California, targeting rare earth elements (REEs) and antimony. Locksley Resources aims to generate shareholder value through strategic exploration, discovery and development in this highly prospective mineral region.
Mojave Project
Located in the Mojave Desert, California, the Mojave Project comprises over 250 claims across two contiguous prospect areas, namely, the North Block/Northeast Block and the El Campo Prospect. The North Block directly abuts claims held by MP Materials, while El Campo lies along strike of the Mountain Pass Mine and is enveloped by MP Materials’ claims, highlighting the strong geological continuity and exploration potential of the project area.
In addition to rare earths, the Mojave Project hosts the historic ‘Desert Antimony Mine’, which last operated in 1937. Despite the United States currently having no domestic antimony production, demand for the metal remains high due to its essential role in defense systems, semiconductors, and metal alloys. With significant surface sample results, the Desert Mine prospect represents one of the highest-grade known antimony occurrences in the U.S.
Locksley’s North American position is further strengthened by rising geopolitical urgency to diversify supply chains away from China, the global leader in both REE & antimony production. With its maiden drilling program planned, the Mojave Project is uniquely positioned to align with U.S. strategic objectives around critical mineral independence and economic security.
Tottenham Project
Locksley’s Australian portfolio comprises the advanced Tottenham Copper-Gold Project in New South Wales, focused on VMS-style mineralisation
Source:
Locksley Resources Limited
Contact:
Kerrie Matthews
Chief Executive Officer
Locksley Resources Limited
T: +61 8 9481 0389
Kerrie@locksleyresources.com.au
Jane Morgan
Investor and Media Relations
T: +61 (0) 405 555 618
jm@janemorganmanagement.com.au
News Provided by ABN Newswire via QuoteMedia
This post appeared first on investingnews.com
The S&P 500 ($SPX) just logged its fifth straight trading box breakout, which means that, of the five trading ranges the index has experienced since the April lows, all have been resolved to the upside.
How much longer can this last? That’s been the biggest question since the massive April 9 rally. Instead of assuming the market is due to roll over, it’s been more productive to track price action and watch for potential changes along the way. So far, drawdowns have been minimal, and breakouts keep occurring. Nothing in the price action hints at a lasting change — yet.
While some are calling this rally “historic,” we have a recent precedent. Recall that from late 2023 through early 2024, the index had a strong start and gave way to a consistent, steady trend.
From late October 2023 through March 2024, the S&P 500 logged seven consecutive trading box breakouts. That streak finally paused with a pullback from late March to early April, which, as we now know, was only a temporary hiccup. Once the bid returned, the S&P 500 went right back to carving new boxes and climbing higher.
New 52-Week Highs Finally Picking Up
If there’s been one gripe about this rally, it’s that the number of new highs within the index has lagged. As we’ve discussed before, among all the internal breadth indicators available, new highs almost always lag — that’s normal. What we really want to see is whether the number of new highs begins to exceed prior peaks as the market continues to rise, which it has, as shown by the blue line in the chart below.
As of Wednesday’s close, 100 S&P 500 stocks were either at new 52-week highs or within 3% of them. That’s a strong base. We expect this number to continue rising as the market climbs, especially if positive earnings reactions persist across sectors.
Even when we get that first day with 100+ S&P 500 stocks making new 52-week highs, though, it might not be the best time to initiate new longs.
The above chart shows that much needs to align for that many stocks to peak in unison, which has historically led to at least a short-term consolidation, if not deeper pullbacks — as highlighted in yellow. Every time is different, of course, but this is something to keep an eye on in the coming weeks.
Trend Check: GoNoGo Still “Go”
The GoNoGo Trend remains in bullish mode, with the recent countertrend signals having yet to trigger a greater pullback.
Active Bullish Patterns
We still have two live bullish upside targets of 6,555 and 6,745, which could be with us for a while going forward. For the S&P 500 to get there, it will need to form new, smaller versions of the trading boxes.
Failed Bearish Patterns
In the chart below, you can view a rising wedge pattern on the recent price action, the third since April. The prior two wedges broke down briefly and did not lead to a major downturn. The largest pullbacks in each case occurred after the S&P 500 dipped below the lower trendline of the pattern.
The deepest drawdown so far is 3.5%, which is not exactly a game-changer. Without downside follow-through, a classic bearish pattern simply can’t be formed, let alone be broken down from.
We’ll continue to monitor these formations as they develop because, at some point, that will change.
The S&P 500 ($SPX) just logged its fifth straight trading box breakout, which means that, of the five trading ranges the index has experienced since the April lows, all have been resolved to the upside.
How much longer can this last? That’s been the biggest question since the massive April 9 rally. Instead of assuming the market is due to roll over, it’s been more productive to track price action and watch for potential changes along the way. So far, drawdowns have been minimal, and breakouts keep occurring. Nothing in the price action hints at a lasting change — yet.
While some are calling this rally “historic,” we have a recent precedent. Recall that from late 2023 through early 2024, the index had a strong start and gave way to a consistent, steady trend.
From late October 2023 through March 2024, the S&P 500 logged seven consecutive trading box breakouts. That streak finally paused with a pullback from late March to early April, which, as we now know, was only a temporary hiccup. Once the bid returned, the S&P 500 went right back to carving new boxes and climbing higher.
New 52-Week Highs Finally Picking Up
If there’s been one gripe about this rally, it’s that the number of new highs within the index has lagged. As we’ve discussed before, among all the internal breadth indicators available, new highs almost always lag — that’s normal. What we really want to see is whether the number of new highs begins to exceed prior peaks as the market continues to rise, which it has, as shown by the blue line in the chart below.
As of Wednesday’s close, 100 S&P 500 stocks were either at new 52-week highs or within 3% of them. That’s a strong base. We expect this number to continue rising as the market climbs, especially if positive earnings reactions persist across sectors.
Even when we get that first day with 100+ S&P 500 stocks making new 52-week highs, though, it might not be the best time to initiate new longs.
The above chart shows that much needs to align for that many stocks to peak in unison, which has historically led to at least a short-term consolidation, if not deeper pullbacks — as highlighted in yellow. Every time is different, of course, but this is something to keep an eye on in the coming weeks.
Trend Check: GoNoGo Still “Go”
The GoNoGo Trend remains in bullish mode, with the recent countertrend signals having yet to trigger a greater pullback.
Active Bullish Patterns
We still have two live bullish upside targets of 6,555 and 6,745, which could be with us for a while going forward. For the S&P 500 to get there, it will need to form new, smaller versions of the trading boxes.
Failed Bearish Patterns
In the chart below, you can view a rising wedge pattern on the recent price action, the third since April. The prior two wedges broke down briefly and did not lead to a major downturn. The largest pullbacks in each case occurred after the S&P 500 dipped below the lower trendline of the pattern.
The deepest drawdown so far is 3.5%, which is not exactly a game-changer. Without downside follow-through, a classic bearish pattern simply can’t be formed, let alone be broken down from.
We’ll continue to monitor these formations as they develop because, at some point, that will change.
// Not for distribution to the United States newswire services or for dissemination in the United States //
Copper Quest Exploration Inc. (CSE: CQX,OTC:IMIMF; FRA: 3MX) (‘ Copper Quest ‘ or the ‘ Company ‘) is pleased to announce that, further to its news release dated December 1, 2025, it has issued an aggregate of 10,142,104 flow-through shares of the Company (the ‘ FT Shares ‘, and each, a ‘ FT Share ‘) at a price of $0.19 per FT Share for aggregate gross proceeds of $1,927,000 in connection with its previously announced fully subscribed non-brokered private placement (the ‘ Private Placement ‘).
Each FT Share constitutes a ‘flow-through share’ within the meaning of the Income Tax Act (Canada) (the ‘ Tax Act ‘) and the gross proceeds of the Private Placement will be used by the Company for exploration and related programs, which qualify as ‘Canadian exploration expenses’ and ‘flow-through critical mineral mining expenditures’, as such terms are defined in the Tax Act, in connection with Copper Quest’s projects in British Columbia.
Brian Thurston, President & CEO of Copper Quest, commented: ‘ The team has spent the last 12 months building Copper Quest to be a standout junior explorer holding seven quality projects including the recent acquisitions of Stars, Stellar, Nekash, and pending Kitimat and Alpine. It is now time for the Company to grow shareholder value through advancing these properties through work on the ground and drilling. These funds will allow us advance multiple properties in 2026 while we continue vetting quality partners to help advance the rest. ‘
In connection with the Private Placement, the Company paid cash finder’s fees totaling $130,199.98 and issued 685,261 finder’s warrants (the ‘ Finder’s Warrants ‘) entitling the holder thereof to acquire one non-flow-through common share at an exercise price of C$0.19. The Finder’s Warrants will expire on December 5, 2027.
All securities issued pursuant to the Private Placement are subject to a statutory four month hold period expiring April 6, 2026.
To accommodate increased interest in the Private Placement, the Company also announces that it may further issue up to 255,264 FT Shares under the same terms as above stated, no later than December 15, 2025. All securities to be issued thereunder will be subject to a statutory hold period under applicable Canadian securities laws of four months and one day from the date of issuance.
Related Party Participation in the Private Placement
Jason Nickel, Director of the Company, participated in Private Placement by purchasing 50,000 FT Shares for $9,500. The participation by Mr. Nickel, as an insider of the Company, constitutes a ‘related party transaction’ as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (‘MI 61-101’). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the FT Shares purchased by Mr. Nickel, nor the consideration for the FT Shares paid by Mr. Nickel, exceeded 25% of the Company’s market capitalization. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Private Placement, which the Company deems reasonable in the circumstances as the details of insider participation in the Private Placement were not settled until shortly prior to closing the Private Placement and the Company wished to complete the Private Placement in an expeditious manner.
The securities described herein have not been registered under the United States Securities Act of 1933, as amended (the ‘ U.S. Securities Act ‘), or any state securities laws, and may not be offered or sold absent registration or compliance with an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.
About Copper
Copper is an essential industrial metal at the heart of the global energy transition and modern infrastructure. It plays a critical role in electrification, renewable energy systems, electric vehicles, data centers, and smart technologies. With global demand rising and new supply challenged by declining grades, complex permitting, and underinvestment, the copper market faces persistent deficits and growing geopolitical scrutiny. Recent U.S. policy announcements, including import tariffs and initiatives to secure domestic and allied supply chains, underscore copper’s strategic importance and the need for resilient, localized resource exploration, development, production and processing capacity.
ABOUT Copper Quest Exploration Inc.
Copper Quest (CSE: CQX,OTC:IMIMF; OTCQB: IMIMF; FRA: 3MX) is focused on building shareholder value through project acquisition, and exploration and development of its North American Critical Mineral portfolio of assets. The Company’s land package currently comprises five projects that span over 40,000+ hectares in great mining jurisdictions as well as the Kitimat Cu-Au Project and the past-producing Alpine Gold Mine that are both pending acquisition following due diligence.
Copper Quest has a 100% interest in the Stars Property, a porphyry copper-molybdenum discovery, covering 9,693 hectares in central British Columbia’s Bulkley Porphyry Belt. Contiguous to the Stars Property, Copper Quest has a 100% interest in the 5,389 hectare Stellar Property. CQX also has an earn-in option up to 80% and joint-venture agreement on the 4,700 hectare porphyry copper-molybdenum Rip Project, also in the Bulkley Porphyry Belt.
Copper Quest has a 100% interest in the Nekash Copper-Gold Project, a porphyry exploration opportunity located in Lemhi County, Idaho, along the prolific Idaho-Montana porphyry copper belt that hosts world-class systems such as Butte and CUMO. The project is fully road-accessible via maintained U.S. highways and forest service roads and currently consists of 70 unpatented federal lode claims covering 585 hectares.
Copper Quest has a 100% interest in the Thane Project located in the Quesnel Terrane of Northern BC which spans over 20,658 ha with 10 high-priority targets identified demonstrating significant copper and precious metal mineralization potential.
Copper Quest’s leadership and advisory teams are senior mining industry executives who have a wealth of technical and capital markets experience and a strong track record of discovering, financing, developing, and operating mining projects on a global scale. Copper Quest is committed to sustainable and responsible business activities in line with industry best practices, supportive of all stakeholders, including the local communities in which it operates. The Company’s common shares are principally listed on the Canadian Stock Exchange under the symbol ‘CQX’. For more information on Copper Quest, please visit the Company’s website at www.copper.quest.
On behalf of the Board of Copper Quest Exploration Inc.
Brian Thurston, P.Geo.
Chief Executive Officer and Director
Tel: 778-949-1829
For further information contact:
Investor Relations
info@copper.quest
Forward Looking Information
This news release contains certain ‘forward-looking information’ and ‘forward-looking statements’ (collectively, ‘ forward-looking statements ‘) within the meaning of applicable securities legislation. All statements, other than statements of historical fact included herein, including without limitation, statements regarding the terms and completion of the Flow-Through Offering, the payment of finder’s fees and issuance of Finder’s Warrants, the anticipated closing date and the planned use of proceeds of the Flow-Through Offering, and future operations and activities of Copper Quest, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as ‘expects’, ‘anticipates’, ‘believes’, ‘intends’, ‘estimates’, ‘potential’, ‘possible’, and similar expressions, or statements that events, conditions, or results ‘will’, ‘may’, ‘could’, or ‘should’ occur or be achieved. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to obtain regulatory approval of the Flow-Through Offering, risks associated with possible accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, risks associated with the interpretation of exploration results, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration plans, the risk that the Company will not be able to raise sufficient funds to carry out its business plans, and the risk of political uncertainties and regulatory or legal changes that might interfere with the Company’s business and prospects. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. The Company does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed, approved or disapproved the contents of this press release, and does not accept responsibility for the adequacy or accuracy of this release.
News Provided by GlobeNewswire via QuoteMedia
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NioCorp Developments (NASDAQ:NB) has completed the US$8.4 million acquisition of the manufacturing assets and intellectual property of Massachusetts-based FEA Materials.
NioCorp expects the move to position it as a domestic producer of aluminum-scandium (Al-Sc) master alloy amid growing demand for the material in defense and commercial markets.
The all-cash purchase complements NioCorp’s Elk Creek critical minerals project in Nebraska, where it aims to produce scandium oxide alongside niobium, titanium and potentially rare earths once fully financed and operational.
FEA’s proprietary process converts scandium oxide directly into Al-Sc master alloy, bypassing intermediate metal production. NioCorp is also assessing the feasibility of producing finished Al-Sc alloy parts via casting, forging and machining for original equipment manufacturers in the US.
“This strategic acquisition positions NioCorp to potentially build America’s first vertically integrated scandium supply chain from mine to finished alloy parts,” NioCorp CEO Mark A. Smith said in a press release.
Eugene Prahin, CEO of FEA, praised NioCorp’s vertically integrated approach, adding that the company’s alloying technology “will be key to growing scandium-based structural alloys in the years to come.”
The FEA acquisition follows a US$10 million Pentagon Title III award to NioCorp’s subsidiary Elk Creek Resources. Announced in August, it is geared at supporting scandium oxide production.
NioCorp is also collaborating with Lockheed Martin (NYSE:LMT) on aerospace-grade Al-Sc components.
“Working jointly with the Pentagon, NioCorp is committed to insulating the US from market manipulation by China, which has historically constrained scandium-based technologies,’ said Smith.
With the latest acquisition and the government funding, NioCorp envision building a complete US mine-to-market supply chain for scandium, spanning extraction, alloy production and finished parts manufacturing.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
This post appeared first on investingnews.com
The S&P 500 ($SPX) just logged its fifth straight trading box breakout, which means that, of the five trading ranges the index has experienced since the April lows, all have been resolved to the upside.
How much longer can this last? That’s been the biggest question since the massive April 9 rally. Instead of assuming the market is due to roll over, it’s been more productive to track price action and watch for potential changes along the way. So far, drawdowns have been minimal, and breakouts keep occurring. Nothing in the price action hints at a lasting change — yet.
While some are calling this rally “historic,” we have a recent precedent. Recall that from late 2023 through early 2024, the index had a strong start and gave way to a consistent, steady trend.
From late October 2023 through March 2024, the S&P 500 logged seven consecutive trading box breakouts. That streak finally paused with a pullback from late March to early April, which, as we now know, was only a temporary hiccup. Once the bid returned, the S&P 500 went right back to carving new boxes and climbing higher.
New 52-Week Highs Finally Picking Up
If there’s been one gripe about this rally, it’s that the number of new highs within the index has lagged. As we’ve discussed before, among all the internal breadth indicators available, new highs almost always lag — that’s normal. What we really want to see is whether the number of new highs begins to exceed prior peaks as the market continues to rise, which it has, as shown by the blue line in the chart below.
As of Wednesday’s close, 100 S&P 500 stocks were either at new 52-week highs or within 3% of them. That’s a strong base. We expect this number to continue rising as the market climbs, especially if positive earnings reactions persist across sectors.
Even when we get that first day with 100+ S&P 500 stocks making new 52-week highs, though, it might not be the best time to initiate new longs.
The above chart shows that much needs to align for that many stocks to peak in unison, which has historically led to at least a short-term consolidation, if not deeper pullbacks — as highlighted in yellow. Every time is different, of course, but this is something to keep an eye on in the coming weeks.
Trend Check: GoNoGo Still “Go”
The GoNoGo Trend remains in bullish mode, with the recent countertrend signals having yet to trigger a greater pullback.
Active Bullish Patterns
We still have two live bullish upside targets of 6,555 and 6,745, which could be with us for a while going forward. For the S&P 500 to get there, it will need to form new, smaller versions of the trading boxes.
Failed Bearish Patterns
In the chart below, you can view a rising wedge pattern on the recent price action, the third since April. The prior two wedges broke down briefly and did not lead to a major downturn. The largest pullbacks in each case occurred after the S&P 500 dipped below the lower trendline of the pattern.
The deepest drawdown so far is 3.5%, which is not exactly a game-changer. Without downside follow-through, a classic bearish pattern simply can’t be formed, let alone be broken down from.
We’ll continue to monitor these formations as they develop because, at some point, that will change.
Frank Holmes of US Global Investors (NASDAQ:GROW) shares his forecast for gold and silver.
He sees gold testing US$5,000 per ounce next year and then reaching US$7,000 by the end of US President Donald Trump’s second term in office.
‘And I think that silver will be over US$100,’ he added.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
This post appeared first on investingnews.com
Silver is known as the most versatile precious metal, and its end uses range from silverware to medicine, as well as industrial and technological applications, which account for well over half of annual global demand.
In 2024, global physical silver demand reached 1.16 billion ounces, shy of the record of 1.28 billion ounces set in 2022, as per the Silver Institute’s latest World Silver Survey released in April 2025.
Industrial demand is on an upward trend from the push toward renewable energy — in particular, silver demand should benefit from the expansion of the solar energy sector, electric vehicles and the growing use of AI and data centers. The metal is a great conductor of both heat and electricity, making it perfect for use in solar panels.
In 2025, the Silver Institute expects global demand for silver to decline by 1 percent to 1.15 billion ounces, but remain at historically high levels. With all of that in mind, here’s a look at four factors driving silver demand.
1. Industrial fabrication
Expected demand in 2025: 677.4 million ounces
Silver is the best electrical and thermal conductor of all the metals, so it’s no surprise that it’s used in industrial fabrication. Industrial silver demand has seen steady growth in recent years. Coming in at just 491 million ounces in 2016, industrial demand rose to 592.3 million ounces in 2022, 657.1 million ounces in 2023 and a record 680.5 million ounces in 2024.
For 2025, the Silver Institute believes industrial demand will see a slight regression of 0.5 percent to 677.4 million ounces.
Here’s a brief rundown of the main industrial uses driving silver demand:
Electronics — In electronics, industrial silver is used mainly in multi-layer ceramic capacitors, membrane switches, silvered film, electrically heated automobile windshields, conductive adhesives and the preparation of thick-film pastes.
Electronics is expected to remain an important driver for silver going forward, as per the Silver Institute, which expects overall industrial silver consumption to reach 456.6 million ounces in 2025. Photovoltaics form the largest portion of electronic demand, totaling 197.6 million tons in 2024.
Using silver as conductive ink, photovoltaic cells transform sunlight into electricity. These cells are combined to form solar panels. The use of silver in the fabrication of photovoltaic cells, also known as solar cells, is seen as an area of rapid growth in the short to medium term. In fact, SolarPower Europe reported that total installations reached 2.2 terawatts by the end of 2024, and are expected to more than triple to more than 7 terawatts by 2030.
Automotive industry — Every electrical action in a modern car is activated with silver-coated contacts. Basic functions such as starting the engine, opening power windows, adjusting power seats and closing power trunks are all activated using a silver membrane switch. Furthermore, in January 2021, the Silver Institute reported that, depending on the model, battery electric vehicles contain between 25 and 50 grams of silver, while hybrid vehicles use 18 to 34 grams of silver. That’s compared to 15 to 28 grams of silver in a light internal combustion engine vehicle.
The Silver Institute has projected that automotive demand for silver could reach 90 million ounces by 2025. The association states that silver demand from the car industry will be driven by infrastructure investment, broader decarbonization efforts and the expansion of charging stations.
Brazing and soldering — Adding silver to the process of soldering or brazing helps produce smooth, leak-tight and corrosion-resistant joints when combining metal parts. In addition, silver-brazing alloys are used widely in everything from air conditioning and refrigeration to electric power distribution. The Silver Institute predicts demand from this segment to total 52.9 million ounces in 2025.
2. Jewelry
Expected demand in 2025: 196.2 million ounces
Jewelry is often what laypeople think about when they consider silver demand. And for good reason — few materials are better suited for jewelry than silver. Lustrous but resilient, silver responds well to sculpting, requires minimal care and lasts a lifetime.
While silver and gold possess similar working qualities, the white metal enjoys greater reflectivity and can achieve a brilliant polish. A vast amount of silver supply from mine production gets turned into a form of jewelry. The segment grew moderately by 3 percent in 2024, rising to 208.7 million ounces, but the Silver Institute is predicting a significant reversal in 2025, with a 6 percent decline to 196.2 million ounces.
3. Silver bullion, coins and bars
Expected demand in 2025: 204.4 million ounces
Another source of silver demand is for silver as an investment in the form of silver coins, bars and rounds. This category includes the silver used to fabricate the bullion, as well as small bar purchases by retail investors, according to the Silver Institute.
Silver coins have a long history. Minted silver coins were first used in the Eastern Mediterranean region in 550 BCE, and by 269 BCE the Roman Empire had adopted silver as well. Silver was the main circulating currency until the 19th century, when it was phased out of regular coinage.
While silver is not used in many circulating coins today, mints in many countries still create high-purity bullion coins and bars for investors.
Physical silver investment demand reached a record high of 338.3 million ounces in 2022, but declined considerably to 244.3 million ounces in 2023, before falling another 22 percent to 190.9 million ounces in 2024.
However, with rising uncertainty in global financial markets, the institute is predicting 7 percent growth in 2025 to 204.4 million ounces.
Silver exchange-traded products (ETPs) and silver ETFs purchase significant amounts of physical silver. Silver ETPs have experienced high volatility over the last five years, with demand peaking in 2020 with net inflows of 331.1 million ounces of silver, which fell to to 64.9 million ounces in 2021. Following the pandemic, ETPs experienced heavy outflows with investors selling off 117.4 million ounces in 2022 and 37.6 million ounces in 2023.
In 2024, as uncertainty began to seep into global financial markets, investors once again returned to ETPs, pushing demand to 61.6 million ounces of silver flowing into the products.
The Silver Institute expects demand to grow by 14 percent in 2025 to 70 million ounces, attributing these inflows to cuts to the Federal Funds rate, concerns over US debt load, and instability in the Middle East.
4. Silverware
Expected demand in 2025: 46 million ounces
Sterling silver has been the standard for silver holloware and silver flatware since the 14th century. Silver cutlery and other decor lasts for generations as it resists tarnish and is a traditional decoration in homes around the world. Base metal copper is mixed with silver to strengthen it for use as cutlery, bowls and decorative items.
Demand for the metal from the silverware industry reached 73.5 million ounces in 2022 but has declined since then to 54.2 million ounces in 2024. The Silver Institute expects the market to shed another 15 percent in 2025 to 46 million ounces.
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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The S&P 500 ($SPX) just logged its fifth straight trading box breakout, which means that, of the five trading ranges the index has experienced since the April lows, all have been resolved to the upside.
How much longer can this last? That’s been the biggest question since the massive April 9 rally. Instead of assuming the market is due to roll over, it’s been more productive to track price action and watch for potential changes along the way. So far, drawdowns have been minimal, and breakouts keep occurring. Nothing in the price action hints at a lasting change — yet.
While some are calling this rally “historic,” we have a recent precedent. Recall that from late 2023 through early 2024, the index had a strong start and gave way to a consistent, steady trend.
From late October 2023 through March 2024, the S&P 500 logged seven consecutive trading box breakouts. That streak finally paused with a pullback from late March to early April, which, as we now know, was only a temporary hiccup. Once the bid returned, the S&P 500 went right back to carving new boxes and climbing higher.
New 52-Week Highs Finally Picking Up
If there’s been one gripe about this rally, it’s that the number of new highs within the index has lagged. As we’ve discussed before, among all the internal breadth indicators available, new highs almost always lag — that’s normal. What we really want to see is whether the number of new highs begins to exceed prior peaks as the market continues to rise, which it has, as shown by the blue line in the chart below.
As of Wednesday’s close, 100 S&P 500 stocks were either at new 52-week highs or within 3% of them. That’s a strong base. We expect this number to continue rising as the market climbs, especially if positive earnings reactions persist across sectors.
Even when we get that first day with 100+ S&P 500 stocks making new 52-week highs, though, it might not be the best time to initiate new longs.
The above chart shows that much needs to align for that many stocks to peak in unison, which has historically led to at least a short-term consolidation, if not deeper pullbacks — as highlighted in yellow. Every time is different, of course, but this is something to keep an eye on in the coming weeks.
Trend Check: GoNoGo Still “Go”
The GoNoGo Trend remains in bullish mode, with the recent countertrend signals having yet to trigger a greater pullback.
Active Bullish Patterns
We still have two live bullish upside targets of 6,555 and 6,745, which could be with us for a while going forward. For the S&P 500 to get there, it will need to form new, smaller versions of the trading boxes.
Failed Bearish Patterns
In the chart below, you can view a rising wedge pattern on the recent price action, the third since April. The prior two wedges broke down briefly and did not lead to a major downturn. The largest pullbacks in each case occurred after the S&P 500 dipped below the lower trendline of the pattern.
The deepest drawdown so far is 3.5%, which is not exactly a game-changer. Without downside follow-through, a classic bearish pattern simply can’t be formed, let alone be broken down from.
We’ll continue to monitor these formations as they develop because, at some point, that will change.