The Silver Institute’s World Silver Survey 2025 outlines another year of notable deficit for silver, marking the fifth consecutive annual shortfall. The detailed 92-page study reports a global deficit of 148.9 million ounces for 2024, down from 200.6 million ounces in 2023. At the same time, industrial demand climbed to a record 680.5 million ounces, underscoring silver’s growing role in technology and clean energy.
Key highlights include:
- Average silver prices rose to $28.27 per ounce in 2024, a 21% increase year-over-year and the highest annual average since 2012.
- Industrial fabrication reached an all-time high, powered largely by demand from solar photovoltaic manufacturing, expanding 5G networks, and increased use in automotive electronics.
- Global mine production edged up by 0.9% to 819.7 million ounces, a modest increase that did not fully offset rising demand.
- Physical investment demand fell by about 22%, driven by profit-taking in Western markets; however, India recorded a contrasting 21% increase in investment demand.
For 2025 the report projects the market will remain in deficit, with a forecasted shortfall of roughly 117.6 million ounces. Industrial demand is expected to stay near record levels even as some sectors continue to pursue thriftier silver use—particularly in solar module manufacturing, where efficiency gains and alternative materials are gradually reducing silver intensity.
The combination of sustained supply shortages and broader macroeconomic factors — including the potential for U.S. interest rate cuts — points to continued upside pressure on silver prices. That said, analysts note that for silver to significantly outperform gold, above-ground inventories may need to decline further. In the near term, rising industrial demand, constrained mine output growth, and persistent deficits are likely to keep silver prices supported.
Overall, the World Silver Survey 2025 highlights the metal’s dual character as both an industrial commodity and an investment asset. While short-term price moves will reflect market sentiment and macro drivers, the long-term outlook remains shaped by structural industrial demand from renewable energy, telecommunications, and electrification trends, alongside the limited pace of incremental mine supply.