The Silver Institute's World Silver Survey data shows the silver market remaining structurally short of supply in 2026, the sixth straight year of deficit. The figures quantify how persistent demand has drained above-ground inventories.

The survey projects a market shortfall of about 46.3 million ounces in 2026, widening from a 40.3 million ounce deficit in 2025. Since 2021, the market has drawn down a cumulative 762.1 million ounces from above-ground stocks to cover the gap between supply and demand, a drawdown the Institute describes as confirming an era of reduced stocks. Mine production is expected to rise about 1 percent to roughly 820 million ounces, while total global supply still declines.

On the demand side, physical investment is forecast to climb about 20 percent to a three-year high near 227 million ounces, led by Western buyers. Sustained high prices are pushing some solar panel makers and jewelry fabricators to reduce silver use, but that industrial pullback is being outweighed by retail purchases of coins, bars, and exchange-traded products. The data points to a market where investment flows, rather than industrial consumption, are setting the balance. For US investors, the deficit underscores why silver remained volatile through 2026.

Source: The Silver Institute - https://silverinstitute.org/global-silver-investment-to-remain-strong-in-2026-against-the-backdrop-of-a-sixth-consecutive-annual-market-deficit/