Silver Institute sees a sixth straight deficit in 2026 with a 67 Moz gap

The Silver Institute's February 10, 2026 outlook forecast a sixth consecutive annual market deficit, which it put at about 67 million ounces for 2026. Industrial fabrication was expected to fall about 2% to around 650 million ounces, led by weaker photovoltaic demand as manufacturers thrift and substitute silver. Physical investment was expected to rise about 20% to a three-year high.

• 2026 market deficit forecast: about 67 Moz
• Industrial fabrication down about 2% to around 650 Moz
• Falling PV silver demand from thrifting and substitution
• Physical investment up about 20% to a three-year high