The Silver Institute's World Silver Survey 2026, released April 15, 2026 with research by Metals Focus, includes a supply and demand table for 2024 and 2025 in million ounces. Total supply reached 1,090.4 million ounces in 2025 against 1,019.6 million in 2024. Total demand slipped to 1,130.6 million ounces from 1,157.4 million. The gap between the two figures implies a deficit of about 40 million ounces, down from about 138 million the year before, and the survey describes 2025 as the fifth straight year of deficit.

On the supply side, mine production rose to 846.6 million ounces from 823.6 million. Recycling reached 197.6 million ounces, a 12-year high, and net hedging supply added 44.7 million. The survey reports that North American mine output fell 3 percent to its lowest level in 10 years.

Industrial demand declined to 657.4 million ounces from 679.0 million. Electrical and electronics use fell to 449.5 million ounces, and photovoltaic demand dropped to 186.6 million from 197.5 million as manufacturers cut silver content per cell. Brazing alloys and solders edged up to 50.5 million ounces.

Jewelry fabrication fell to 189.3 million ounces and silverware to 42.1 million. Coin and net bar demand climbed to 217.7 million ounces from 190.9 million. The London price averaged 40.03 dollars per ounce in 2025, up from 28.27 dollars in 2024, a rise of about 42 percent.

For 2026, the survey forecasts total demand of 1.11 billion ounces and a wider structural deficit of 46.3 million ounces, with mine production expected to stay flat.

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