The Silver Institute's most recent World Silver Survey shows a mixed picture for the global silver market in 2024, the latest full year covered in its published supply-and-demand data. Global mine production rose 0.9 percent to 819.7 million ounces, supported by increased output from lead and zinc mines in Australia and the recovery of Mexican supply after Newmont's Peñasquito mine returned to full production.

Recycling supply climbed even faster. Scrap recovery rose 6 percent to reach a 12-year high of 193.9 million ounces, with industrial scrap driven largely by the processing of spent ethylene oxide catalysts, and silverware recycling up 11 percent as firmer prices encouraged sellers in Western markets to cash in older pieces.

On the demand side, total silver demand fell 3 percent to 1.16 billion ounces in 2024. The decline traced mainly to weaker physical investment and softer silverware and photographic demand, even as industrial demand posted another record year. Electronics and electrical applications drove much of that industrial strength, reflecting continued growth in solar power, automotive electronics, and grid infrastructure, along with a boost from AI-related hardware demand.

Jewelry told a different story than silverware. Global silver jewelry fabrication grew 3 percent to 208.7 million ounces, with India accounting for most of the gain following an import duty cut and a healthy rural economy. Thailand's fabrication rose 13 percent on stronger exports to Western markets. Silverware demand moved the opposite direction, falling 2 percent to a three-year low of 54.2 million ounces, largely on softer gifting demand in India tied to elevated local prices.

Mexico remained the world's leading silver mine-producing country in 2024, followed by China, Peru, Bolivia, and Chile, according to the Institute's data. Silver production from gold mines posted the strongest growth of any source category, up 12 percent year over year to a three-year high of 13.9 million ounces.

Source: The Silver Institute -- https://silverinstitute.org/silver-supply-demand/