The US Department of the Interior has added silver to its list of “critical minerals,” a move that underscores the growing strategic significance of the white metal in the global economy.
This development, alongside the inclusion of copper and metallurgical coal, is expected to influence future US tariffs and industrial policies, as well as domestic mining initiatives. The list, updated every three years by the US Geological Survey, helps guide national security-oriented tariffs and federal support for mineral projects.
While copper and coal were widely anticipated additions, silver’s inclusion marks a notable shift. The Trump administration had previously expanded the definition of “critical” minerals, emphasising the importance of securing domestic supply chains for key resources.
Silver now joins a category that directly affects federal review processes, including those under Section 232 tariff regulations.
What it means for investors
Jigar Trivedi, Senior Research Analyst – Currencies & Commodities at Reliance Securities, noted: “If silver is now being seen as a strategic metal with higher industrial demand, supply constraints and strategic issues may support higher long‐term prices.”
Silver’s criticality is reinforced by its wide range of applications in modern technologies such as electronics, solar panels, and electric vehicles (EVs). The US currently imports about two-thirds of its silver, and fears of potential tariffs have led to stockpiling in New York, where inventories reached record highs. This activity has also caused temporary shortages in other regions, such as London.
The US has taken some measures to mitigate potential disruption by including certain customs codes for silver in its tariff exemption list. However, the broader implication remains that tighter control over supply chains and incentivised domestic production could limit global availability and affect pricing trends.
According to Trivedi, “With the U.S. adding silver to its critical minerals list, global supply may become more constrained, since supply chains will be more secured, domestic mining encouraged in the USA, potential tariff/stockpiling measures.”
He added, “That means for India, which is a large silver importer, the cost of import could go up or supply could tighten and domestic silver price could rise further.”
Indian investors, who have traditionally engaged with silver for both jewellery and investment purposes, now find themselves in a favourable position.
Trivedi remarked, “For Indian investors, it’s a positive signal — it adds a structural layer to silver’s appeal beyond typical jewellery/investment.”
The domestic context in India also supports a bullish case for silver. “In India, demand for silver is rising due to solar/renewable energy, EVs, electronics, etc. So Indian investors have the double benefit of global tailwinds + domestic demand growth,” said Trivedi.
He further noted, “Indian investors gaining exposure could benefit from this structural shift.”
The growing industrial utility of silver, combined with evolving geopolitical and economic policies, signals a paradigm shift in how the metal is valued by markets. As global governments increasingly view silver as a resource of strategic importance, its status as a store of value and industrial input appears to be entering a new phase—one that could reshape investment strategies across borders.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)