All this extra capacity could have a significant impact on the silver market. According to the Silver Institute, approximately 80 tons of silver are required to generate one GW of electricity. With 5.3 GW of new capacity in Japan in 2013 and 30 GW from China, a staggering 2,824 tons, or roughly 91 million ounces of silver, will be required over the next three years for just this industry. This amount is nearly two times current worldwide demand from the PV industry. Demand from China and Japan alone could consume up to 11% of global mine supply. And that's if the world continues to produce as much silver as it did last year, a questionable assumption, given currently lower silver prices and increasing difficulties getting mines permitted.

The action to take is rather obvious: buy silver now.

Jeff would like to acknowledge the contributions of research assistant Laurynas Vegas to this report.

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