The Globe and Mail reports in its Saturday, Jan. 8, edition that National Bank sees the growing demand for green energy providing a catalyst for silver moving forward. The Globe's David Leeder writes in the Eye On Equities column that National analysts say in a note: "Broadly speaking, silver continues to be supported by many of the same factors as gold, primary of which is inflation and negative real rates, in our view, with additional support from industrial demand (50 per cent of silver demand driven by industrial activity). The latter includes green energy applications in solar photovoltaic panels, which represent about 10 per cent of silver demand, which are expected to increase though there is a potential offset from innovation. ETF demand shows outflows over the LTM, as expected with the decline in silver prices. Silver price upside may be tempered by a strengthening DXY, sharply higher bond yields, contraction in negative real rates, a slowing pace of industrial activity or innovation in photovoltaics." National Bank analysts reiterated their "sector perform" call for First Majestic Silver, while cutting its share target by 50 cents to $18.50. Analysts on average target the shares at $19.87.