As we discussed yesterday, that’s where the bulk of silver demand comes from. Below is a chart showing annual silver demand from the auto industry, broken down by vehicle type (ICE = traditional gas engine, EV = electric vehicle, hybrid = combo). Investors Ignite the FireworksFor the past year, we’ve been telling the industrial silver demand story. As you can see, back in 2011 the gold/silver ratio got to around 32. The same ratio today would price silver at $311 per ounce.