RESEARCH & INTELLIGENCE
A dated research desk for understanding silver supply, industrial use and physical investment.
The Silver Institute reports industrial demand of 657.4 million troy ounces and mine output of 846.6 million troy ounces for 2025.
Its account highlights both industrial uses and changes in bullion buying. Market balance also includes recycling and other demand categories, so mine output and industrial use alone do not establish the surplus or deficit.
Read the primary source →The same release projected a 46.3 million ounce market deficit for 2026. This is a forecast made on 15 April, not a verified full-year result.
A market deficit does not guarantee higher prices. Inventory, investment flows and changing assumptions can alter outcomes.
Review the forecast context →A publication date is different from the year being measured. Supply and demand usually use millions of troy ounces; a price quotation needs a currency, unit and timestamp.
Growth in a product market does not automatically imply proportional growth in silver use. Material efficiency and substitution can change how much metal is used per unit.
Distinguish mining, recycling, industrial fabrication and physical investment. Annual estimates can be revised. Avoid treating one category as the whole market.
World Silver Survey 2026 release. Primary trade-association publication reporting independent consultancy research. Historical estimates and forecasts have different confidence and revision risks.
Source release →Standards background for wholesale bullion. LBMA maintains separate gold and silver Good Delivery lists. A listed refiner does not mean every product it makes is a Good Delivery bar.
View standards context →