Silver prices surge but Canada keeps it off its critical minerals list.

Silver reached a record US$92 an ounce amid rising demand from electrification, clean energy and data centres, while Canada does not include silver on its list of 34 critical minerals.

Silver reached an all-time high of US$92 an ounce on Wednesday, driven by rising demand from electrification, clean energy and data centres and by a persistent supply deficit. Canada, which holds significant silver deposits, does not include the metal in its list of 34 critical minerals and says global supply is robust and not threatened. Industry groups and some miners dispute that assessment and point to large reported shortfalls. The United States added silver to its critical minerals list in November last year, and Canadian mining executives have urged Ottawa to follow. Key facts: - The article reports silver traded at a record US$92 an ounce. - Demand drivers cited include electrification, clean-energy technologies and data centres. - Industry figures cited a projected 95 million ounce shortfall this year and noted a 237.7 million-ounce deficit in 2022. - Natural Resources Canada told the article that silver does not meet Canada’s definition of a critical mineral because global supply is robust and its supply chain is not threatened. - The U.S. added silver to its critical minerals list in November last year after updating its methodology, according to the article. - First Majestic Silver and about 20 industry executives sent an open letter urging Canada to classify silver as a critical mineral, while some policy analysts warn that singling out minerals can create political and policy challenges. Summary: The article describes a gap between industry calls to prioritise silver and the federal government’s current assessment that silver does not meet its critical-mineral criteria. The disagreement centres on reported supply shortfalls and differing views on how to shape mining and resource policy. Undetermined at this time.