According to Thompson Reuters GFMS, the solar industry’s silver demand increased 23% last year, the second consecutive year of increases.

Related: Soaring Silver ETFs to Snap Up as Metals Shine

“On a longer horizon, though, the metal looks set to soar. Global silver production fell in 2015 after 12 years of steady increases in supply, according to the World Silver Survey, published by the Silver Institute, an industry lobby group, and metals consultancy Thomson Reuters GFMS. That decline was due in large part to aging mines and a lack of new mines coming on-line due to low prices over the past few years—a trajectory that will take some time to revers,” according to Barron’s.

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Tom Lydon’s clients own shares of GLD.