Politics
Biden Solar Plan May Have Silver Lining for Top-Performing Metal
- Silver seen benefiting as governments push for solar power
- Biden plan spurs optimism, doubts about imminent impact
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Silver, already at a six-year high amid rising haven demand and tight supply, may be poised for a big additional boost from a less-well-known driver: measures to stem global warming.
The metal used in solar panels stands to gain as governments looking to jump-start economic growth and slow climate change pour more money into clean-energy technologies, according to analysts including those at BMO Capital Markets. That idea got a lift when Democratic U.S. presidential nominee Joe Biden outlined plans last week for a “carbon pollution-free power sector by 2035” -- a move that would require rapid acceleration in the deployment of renewable wind and solar power as well as electricity storage.