The global silver market is projected to record its sixth consecutive annual deficit in 2026, with the supply-demand gap expected to widen by 15% to reach approximately 46 million ounces.
This growing deficit is primarily driven by declining supply, alongside rising investment demand for silver bars and coins, as well as continued depletion of global inventories.
Industrial demand is also contributing to tightening supply conditions, particularly with expanding use of silver in technology and renewable energy sectors.
Analysts suggest that if this trend persists, it could provide support for silver prices over the medium term amid constrained supply and increasing demand.