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This graphic uses data from the Silver Institute's World Silver Survey 2024 to explore the supply and demand dynamics in silver. It illustrates how annual supply and demand have changed from 2015 to 2023 and includes a forecast for 2024. Each layer in the chart represents different demand categories, showcasing how each category has changed.
In 2023, silver demand exceeded supply for the third consecutive year, despite a 30% drop in the market deficit to 184.3 Moz. Declines in bar and coin investment, jewelry, and silverware demand were offset by robust industrial demand, especially from the solar sector. With limited supply growth, the 2024 forecast supply-demand gap is projected to rise by 17%.
Total silver demand fell by 7% to 1,195 Moz in 2023 but was still 9% higher than the second-highest total in this series. The decline was driven by drops in investment, jewelry, and silverware, while industrial demand hit a record high, rising 11% to 654.4 Moz, thanks to gains in green economy applications, particularly photovoltaics.
Silver Supply in 2023
Global mine production fell by 1% to 830.5Moz due to operational suspensions and lower ore grades in several countries. Primary silver production decreased, while supply from lead/zinc and copper mines slightly increased. Recycling grew by 1% to a 10-year high, driven by the industrial sector and high silver prices in India. Official sector net supply fell by 6% but remained trivial in volume.
The silver market in 2023 continued to face a supply deficit driven by robust industrial demand and limited supply growth. While prices remained subdued, ongoing deficits and eventual inventory drawdowns suggest potential future price increases.
This article is sponsored by
Eloro is a publicly traded exploration and mine development company focused on developing its potential world-class Iska Iska silver-tin polymetallic property in the Potosí Department of southern Bolivia.
Learn more about Eloro Resources at https://elororesources.com/
Source: World Silver Survey 2024
The information presented here may contain inaccuracies and is subject to rounding. We do not guarantee that all information is complete or correct. We accept no responsibility for any errors, omissions, or outcomes resulting from the use of this information. This is not investment advice.
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