The global silver market is set to record its sixth consecutive annual supply deficit in 2026, according to the Silver Institute's World Silver Survey. The shortfall is projected at 46.3 million ounces, wider than the 40.3 million ounce gap in 2025.

Supply is rising but remains outpaced by demand. Total global silver supply is forecast to increase 1.5% to a decade high of 1.05 billion ounces, with mine production up 1% to 820 million ounces. Even at that level, output cannot close the structural gap that has persisted since 2021.

The cumulative drawdown is substantial. Since 2021, the market has pulled a combined 762 million troy ounces from above-ground stocks, steadily depleting the inventories that once buffered supply shortfalls.

Investment demand is a key driver of the deficit. Global coin and net bar demand rose 14% in 2025, while exchange-traded products recorded net inflows of 68.3 million ounces. The Institute expects that momentum to accelerate, forecasting an 18% increase in physical investment in 2026 to the highest level since 2022. The combination of constrained mine supply, firm industrial use, and rising investor appetite continues to define the structural tightness in the silver market.

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/