The World Silver Survey 2026, released April 15 by the Silver Institute and researched by Metals Focus, shows total silver demand of 1,130.6 million ounces in 2025 against total supply of 1,090.4 million ounces. That is the fifth consecutive year of deficit, a gap of about 40 million ounces that narrowed from 2024. The London price averaged $40.03 an ounce, up from $28.27 in 2024.

On the supply side, mine production rose 3 percent to 846.6 million ounces and recycling reached 197.6 million ounces, a 12-year high. Net hedging supply added 44.7 million ounces. North American mine output fell 3 percent to its lowest level in 10 years.

Industrial demand declined 3 percent to 657.4 million ounces. Electrical and electronics fell to 449.5 million ounces, and photovoltaic demand dropped from 197.5 to 186.6 million ounces as manufacturers reduced silver content per cell. Brazing alloys and solders edged up to 50.5 million ounces. Jewelry fell to 189.3 million ounces and silverware to 42.1 million ounces.

Coin and net bar demand rose 14 percent to 217.7 million ounces. The United States was an exception, recording a third consecutive annual decline, and North American jewelry fabrication fell 7 percent. Industrial demand in North America and Europe remained broadly stable.

For 2026, the survey projects total demand of 1.11 billion ounces, flat mine production, coin and bar demand up 18 percent and a wider structural deficit of 46.3 million ounces. Silver reached an all-time high above $121 on January 29 before trading in the mid-$70s in early April.

Source: Silver Institute - https://silverinstitute.org/?p=20226