From 2021 to 2025, the total deficit amounted to almost 800 million ounces, while total demand increased by 16% compared to 2016, and the proposal decreased by 3%. Demand in the segment of electrical engineering and electronics has grown especially sharply - by 51% since 2016.
Demand drivers - electrification and technological boom. Silver remains key metal for solar energy, household electronics, electric vehicles and infrastructure 5G. Sunny panels already account for 17% of total demand (in 2015 - only 5.6%). Even despite the decrease in silver content in the panels (the so -called Thrifting), the rapid growth of installations (especially in China, 45% in 2024) supports high demand.
Investment demand also plays a decisive role: only in the first half of 2025 95 million renovations were sent to silver exchange funds (ETPS). Since 2019, more than 1.1 billion ounces have been seized from the turnover. These reserves become inaccessible to industry, increasing pressure on the market. Together, this creates a stable trend of deficiency and forms the potential for further prices.
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