The Silver Institute's World Silver Survey 2026, researched by Metals Focus, includes a supply and demand table comparing 2024 and 2025. The data shows global silver demand exceeded supply for the fifth consecutive year.

On the supply side, global mine production rose 3 percent to 846.6 million ounces in 2025, up from 823.6 million ounces in 2024. Recycling climbed 2 percent to 197.6 million ounces, a 12-year high. Net hedging supply added 44.7 million ounces, and total supply reached 1,090.4 million ounces. North American mine output fell 3 percent to its lowest level in 10 years, while Central and South American supply rose 5 percent.

On the demand side, total demand slipped 2 percent to 1.13 billion ounces. Industrial demand fell 3 percent to 657.4 million ounces after four years of growth. Electrical and electronics use declined to 449.5 million ounces, and photovoltaic demand dropped to 186.6 million ounces as solar manufacturers cut silver loadings in response to higher raw material costs. Brazing alloys and solders edged up to 50.5 million ounces on automotive and aerospace strength. Coin and bar demand rose 14 percent to 217.7 million ounces, while jewelry fell to 189.3 million ounces and silverware dropped to 42.1 million ounces. North American industrial demand held broadly stable.

The London silver price averaged 40.03 dollars per ounce in 2025, compared with 28.27 dollars in 2024, a 42 percent increase. Silver then set an all-time high above 121 dollars on January 29, 2026 before pulling back.

For 2026, the survey forecasts total demand to ease 2 percent to 1.11 billion ounces, with industrial demand down 3 percent and coin and bar demand up 18 percent. Mine production is expected to hold flat, and the structural deficit is projected to widen to 46.3 million ounces.

Source: The Silver Institute - https://silverinstitute.org/wp-content/uploads/2026/04/World-Silver-Survey-2026.pdf