30 June 2023
From renewable energy to military use and many more applications, the strain on the silver supply is only going to increase. The World Silver Survey, an annual report by The Silver Institute, reveals a global silver deficit of 154 million ounces in 2022, the largest since 2015. In 2023, the deficit stands at 129 million ounces, the second-largest since 2015. This deficit arises from strong demand in industrial and investment sectors coupled with insufficient investment in mining and stagnant production. It’s important to note that silver is predominantly mined as a byproduct of other metals, such as copper, zinc, and gold, meaning that higher silver prices may not lead to increased mine supply. These factors point to a positive outlook for silver as supply struggles to meet demand.