Silver Institute World Silver Survey 2026 sees the 2026 deficit widening to 46.3 Moz

The Silver Institute's World Silver Survey 2026, released April 15, 2026, said global silver demand exceeded supply for a fifth consecutive year in 2025, with the gap narrower than in 2024. It projects the structural deficit to widen to 46.3 million ounces in 2026. The release also described a 2025 liquidity squeeze as inventories fell and metal moved into CME vaults.

• 2025: fifth consecutive year of demand above supply
• 2025 gap narrower than in 2024
• 2026 structural deficit forecast: 46.3 Moz
• Survey released April 15, 2026