(Washington, DC – May 21) With global silver jewelry consumption on the rise, the Silver Institute commissioned a survey of U.S. jewelry retailers to gauge their view of the silver jewelry market in 2024. The results indicate that silver jewelry still holds a strong position as a leading merchandise category in the U.S. retail market. The survey showed that silver jewelry sales continued to deliver results for U.S. jewelry retailers, with 53% reporting marginally increased sales over the last  survey, which studied the 2022 market. 

Highlights from the survey include:

Silver experienced the best maintained margins for the Holiday Season: 

• 71% of retailers said they increased their silver jewelry inventory in 2024 by an average of 15%. This represents a 10% growth over the last survey, at 61% in 2022.

• Retailers said their silver jewelry sales, as a percentage of their overall jewelry sales, averaged 31% of unit volume. In 2022, this category was 28%. 

• The average store growth for silver jewelry sales was 20% in 2024, vs. 14% in 2022.

Most important reasons customers bought silver jewelry in 2024:

• According to the retailers surveyed, the age groups buying the most silver jewelry are 20-40, followed by 41-50. Female self-purchase is the best-selling opportunity for silver. 

• 83% said silver jewelry is essential to their business. In 2022, this figure was 88%.

• 92% of retailers say they are optimistic that silver jewelry sales will continue to grow for the next several years. In 2022, it was 88%.

“Silver jewelry offers the consumer many options at a price point that is friendly to the wallet. Interest in big and bold silver jewelry with increasingly stylish designs is leading many consumers to choose silver jewelry,” stated Michael DiRienzo, President and CEO of the Silver Institute.

The complete survey results can be downloaded here: 2024 Silver Jewelry Survey Results.

The survey was conducted online by The Jewelers Collective (TJC), a leading jewelry trade magazine, from February 11 to March 28, 2025. The survey was distributed to jewelry retailers and TJC subscribers.

This was the 14th time the Silver Institute commissioned such a survey.

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The Silver Institute is the silver industry’s primary voice in expanding public awareness of silver’s essential role in today’s world. Its mandates are to provide the global market with reliable statistics and information on silver and to create and execute programs that help drive silver demand. For more information on silver, including its use in the green economy, please visit www.silverinstitute.org.

(New York City – April 16, 2025) Silver industrial demand rose 4 percent in 2024 to 680.5 million ounces (Moz), reaching a new record high for the fourth consecutive year. Demand continued to benefit from structural gains linked to the green economy, including investment in grid infrastructure, vehicle electrification, and photovoltaic (PV) applications. Demand was further boosted by end-uses related to artificial intelligence (AI), which drove growth in consumer electronics shipments.

Overall, global silver demand exceeded silver supply for the fourth consecutive year, resulting in a structural market deficit of 148.9 Moz in 2024. Notably, during 2021-2024, the combined deficit reached 678 Moz, equivalent to 10 months of global mine supply in 2024. 

These and other key aspects of the 2024 silver market are examined in the World Silver Survey 2025, released today by the Silver Institute. The 88-page Survey also provides an outlook for the silver market in 2025. The Survey was researched and produced for the Silver Institute by Metals Focus, the London-based independent, precious metals consultancy.

Key findings include:

Silver Demand

Total silver demand fell by 3 percent to 1.16 billion ounces (Boz) in 2024. The decline was primarily driven by weakness in physical investment and slightly lower silverware and photographic demand. The drop was partially offset by the continued strength of industrial demand, which enjoyed another record year. In keeping with 2023, growth was underpinned by record electronics & electrical demand. This reflected structural gains in the green economy flowing through from the PV and automotive sectors and grid infrastructure development. Demand also received a boost from AI-related applications. While thrifting and substitution remained limited across most sectors, notable advancements within the PV segment led to a sharp reduction in silver loadings. 

On a regional breakdown, China accounted for the largest share of industrial gains, with a 7 percent rise, while India recorded a 4 percent increase. In contrast, Europe saw weaker demand across most countries in the region (except for one-off gains in the UK), while US demand declined by 6 percent in 2024.

Demand for brazing alloys rose by 3 percent, supported by growth in key industries, such as automotive and aerospace. Meanwhile, demand in the ‘other industrial’ category rose by 4 percent, despite a slight drop in ethylene oxide (EO) demand.

Silver jewelry fabrication grew by 3 percent to 208.7 Moz. India accounted for the bulk of these gains, thanks to such factors as the import duty cut, a healthy rural economy, and the ongoing rise in purities. Improving exports to key Western countries also lifted fabrication in Thailand by 13 percent. Western consumption was broadly steady as positives, such as branded silver’s gains, balanced negatives including cost-of-living issues. By contrast, China saw a third consecutive year of losses amid a challenging economic backdrop. 

Silverwaredemand declined by 2 percent to a three-year low of 54.2 Moz. The drop was driven by softer demand in India, where elevated prices weighed on the gifting segment. 

 Coin and net bar demand fell 22 percent in 2024 to a five-year low of 190.9 Moz, led by double-digit declines across all major Western markets. The steepest drop was seen in the US (-46%), due to profit-taking at higher prices, market saturation, and investors’ reaction to Trump’s election. In Germany, the lingering effects of the 2023 VAT hike on certain silver products continued to weigh on demand. In contrast, India stood out with a 21 percent surge, thanks to bullish price expectations and the import duty cut. 

 Silver Supply

Global silver mine production rose by 0.9 percent to 819.7 Moz, underpinned by increased output from lead/zinc mines in Australia and the recovery of supply from Mexico, as Newmont’s Peñasquito mine returned to full production. This was supplemented by additional growth from Bolivia and the US. Lower output from Chile, down 8.8 Moz y/y, partially offset this growth. 

Silver production from lead/zinc mines remained the dominant source of silver, but output was flat y/y. In contrast, silver production from gold mines recorded the strongest growth, up 12% y/y to 13.9 Moz, a three-year high.

Last year, Mexico remained the leading silver mine-producing country, followed by China, Peru, Bolivia, and Chile.

 Recycling rose 6 percent in 2024, reaching a 12-year high of 193.9 Moz. Industrial scrap saw the most significant increase in weight terms, mainly led by the processing of spent EO catalysts. In percentage terms, the highest gain came from silverware recycling, which climbed by 11 percent as firmer silver prices and cost-of-living issues encouraged selling in Western markets. 

Outlook for Silver in 2025

Total demand this year is forecast to fall marginally to 1.15 Boz. Following a series of all-time records in recent years, industrial fabrication will remain flat in 2025, as the gains in silver’s use in PV offtake ease. Both jewelry and silverware are expected to weaken, but a modest recovery in coin and bar demand in some Western markets should largely mitigate losses. 

Total silver supply is projected to increase by 1.5 percent, led by higher mine production. As a result, the silver market is anticipated to remain in a deficit, but this gap will be a four-year low of 117.6 Moz.  

As outlined in World Silver Survey 2025, the impact of US tariffs will be a key risk to silver demand this year. An extended period of elevated tariffs, or a further escalation of global trade wars, could lead to significant supply chain disruptions and sharply lower global GDP growth. These will weigh on industrial, jewelry, and silverware demand, though physical investment could benefit from rising safe-haven purchases. 

Silver Price

The average silver price jumped by 21 percent in 2024. The start of 2025 saw further gains, with silver exceeding $34 by mid-March amid rising uncertainties surrounding US trade and foreign policy. Thereafter, the silver price has weakened, following the US tariff announcements. Even so, as of April 7, the silver price was still up four percent for this year-to-date. 

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About the World Silver Survey and Ordering Information

The Silver Institute has published this annual report on the global silver market since 1990 to bring reliable supply and demand statistics to market participants and the public. Metals Focus independently researched and produced the 35th edition of World Silver Survey. The report was sponsored by 22 companies from North and South America, Asia, and Europe.

A complimentary PDF version of World Silver Survey 2025 can be downloaded from the Institute’s website at www.silverinstitute.org. In North America, hard copies may be purchased from the Institute’s website; for copies outside North America, please contact Metals Focus at www.metalsfocus.com. In addition, members of the media and government officials can request complimentary hard copies of the Survey directly from the Silver Institute.

Contacts:

Michael DiRienzo
Silver Institute
+1-202-495-4030
mdirienzo@silverinstitute.org

Philip Newman
Metals Focus
+44-203-301-6510
philip.newman@metalsfocus.com

The new members include:

Skeena Gold & Silver (TSX:SKE and NYSE: SKE), headquartered in Vancouver, Canada, is a precious metals developer focused on advancing the Eskay Creek Gold-Silver Project – a past-producing mine located in the Golden Triangle in British Columbia, Canada. Skeena hopes Eskay Creek will be one of the world’s highest-grade and lowest-cost open-pit precious metals mines, with substantial silver by-product production. 

Silver Tiger Metals (TSXV:SILVR and OTCQX:SLVTF), based in Halifax, Nova Scotia, is a Canadian company whose management has more than 25 years of experience discovering, financing, and building sizeable hydrothermal silver projects in Mexico. Silver Tiger’s 100% owned 28,414-hectare Historic El Tigre Mining District is in Sonora, Mexico.  

TCA S.p.A. is based in Arezzo, Italy, and is a leading player in the recovery of precious metals from various industrial sectors. With three branches in Italy, the company has collaborated for years as a process partner for the Italian gold and silver industry, and with industrial companies worldwide since 1977. TCA S.p.A is listed on the London Gold and Silver Good Delivery List with the LBMA, and the London Platinum, Palladium, and Rhodium Good Delivery lists with the LPPM.

This year’s three new members come on the heels of seven new companies joining the Silver Institute last year. 

Octavio Alvidrez, CEO of Fresnillo plc and the Chairman of the Silver Institute, stated, “We welcome the newest members to the Silver Institute. With the addition of 10 new members in just over a year, it is clear that the global silver industry recognizes the valuable work and mission of the Silver Institute, and we will continue to advocate for all things silver on behalf of our members, leading to a more robust global silver industry.”

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The Silver Institute is the silver industry’s principal vehicle in increasing public awareness of silver’s vital place in today’s world, especially in the growing adoption of green technologies. Its mandates are to provide the global market with reliable statistics and information on silver and create and execute programs that help drive silver demand. For more information on silver please visit www.silverinstitute.org. 

(Washington, D.C. – February 19, 2025) Silver is a rare, precious metal with a high intrinsic value. This fact helps explain its historical role as money and its continuing relevance as an investment asset. Since the industrial age, silver has become increasingly important as a commodity, its unique characteristics making it essential for many industrial applications, including leading clean energy uses.

Silver’s scarcity and value means there has always been a powerful incentive to safe keep and hoard the metal in its purer and weightier forms, such as coins, bars, silverware, and, to a lesser extent, jewelry. For other fabricated products, the silver content may also have some inherent value related to the precious metal content. Together, these various forms of silver constitute the above-ground stocks of precious metal.    

To examine the relationship between the level of and changes in Above-Ground stocks and the silver price, the Silver Institute commissioned a new Market Trend Report, “Price Sensitivity of Above-Ground Silver Stocks,” produced by Precious Metals Insights. 

The Report contends that no correlation exists between the overall level of Above-Ground stocks and the silver price.

Some of the key conclusions from this Report are summarized below:

• There is no correlation between the overall level of Above-Ground stocks and the silver price;
• Annual changes in total Above-Ground stocks and the silver price are likewise uncorrelated;
• In contrast, movements in bullion stocks have an impact on the silver price and vice versa.  
• The vast majority of Above-Ground stocks are “immobile,” with only small net additions to or subtractions from stocks on an annual basis;
• Increases in bullion stocks are often positively correlated with the price, as investment demand grows when silver prices increase, which still stimulates higher prices;
• Multi-year drawdowns in bullion stocks have tended to occur in bear markets for silver and have exacerbated these. However, these drawdowns have typically set silver up for more substantial rallies as investors have rebuilt their bullion holdings; and
• Above-Ground stocks of fabricated products are less price-sensitive than those of bullion. Only specific subsets of silver fabrication demand show a sensitivity to the price, such as jewelry and silverware.  

To download the complimentary Report, please click here.

The Silver Institute is the silver industry’s primary voice in expanding public awareness of silver’s essential role in today’s world, especially in green applications. Its mandates are to provide the global market with reliable statistics and information on silver and create and execute programs that help drive silver demand. For more information on silver, including its use in the green economy, please visit www.silverinstitute.org. 

Precious Metals Insights Limited is a Hong Kong-based specialized consultancy providing macroeconomic analysis and insights on the four major precious metals markets. It was established in 2013 by former GFMS (the precious metals consultancy) principal Philip Klapwijk.

(Washington, D.C. – January 29, 2025) The silver market is forecast to record another significant deficit (total supply less demand) for the fifth consecutive year in 2025. In keeping with previous years, silver industrial demand will remain the key driver of this favorable supply/demand backdrop, with volumes projected to hit a new record high this year. 

Concerns about President Donald Trump’s anticipated tariff policies have fueled short covering and deliveries of silver (and other precious metals) into CME warehouses since late 2024. This, coupled with rising economic and geopolitical uncertainties, has underpinned a healthy recovery in silver prices since the start of 2025.

Over the same time, silver investment has faced several challenges. For example, ongoing concerns about the prospects for the Chinese economy have weighed on silver, which helps explain the elevated gold:silver ratio that has persisted.

With this in mind, the Silver Institute offers its thoughts on the 2025 silver market, noting that Metals Focus, the prominent global precious metals research consultancy based in London, contributed to this analysis. The firm will research and produce the Silver Institute’s annual report on the international silver market, World Silver Survey 2025, which will be released on April 16.

Silver Demand

Global silver demand is expected to remain broadly stable in 2025 at 1.20 billion ounces, as gains in industrial applications and retail investment will be mitigated by weaker jewelry and silverware demand. 

Silver industrial fabrication is forecast to grow by 3 percent this year, with volumes on track to surpass 700 million ounces (Moz) for the first time. In keeping with recent years, silver will benefit from ongoing structural gains in green economy applications. Despite looming pressure on US renewable energy projects under President Trump’s second term, global photovoltaics installations are expected to achieve another all-time high in 2025, benefiting silver demand. In the automotive industry, even assuming slower growth in battery electrical vehicle production, greater vehicle sophistication, electrification of powertrains (albeit at a reduced pace), and ongoing investment in expanding related infrastructure will boost silver demand. 

Elsewhere, gains are also expected in the consumer electronics market, as the development of artificial intelligence systems will continue to boost product offerings. Demand for silver in the “other” industrial category should edge higher due mainly to some upside in the ethylene oxide (EO) sector. At the same time, modest gains are also projected for brazing alloys.

Silver physical investment is also forecast to rise by 3 percent, thanks to improving demand in Europe and North America. As Western investors adjust to new price levels, fresh investment is expected to improve, and profit-taking will also ease. However, without any dramatic crisis events, the scale of recovery will be limited, considering robust demand over 2020-23 and the subsequent rise in investors’ silver holdings. A slight decline in India, where high local silver prices will encourage liquidations, will offset some of these gains.

The demand for jewelry is expected to decline by 6 percent. India will account for the bulk of these losses, with high local prices the key driver behind a double-digit decline in 2025. Due to cautious spending by consumers on non-essential items, Chinese demand will also weaken. By contrast, Western jewelry sales will likely remain resilient, thanks to a price-led shift away from carat gold jewelry. Branded silver jewelry is also expected to perform well, offering additional support. 

Similarly, for silverware, a price-led decline in Indian fabrication will result in global silverware demand falling by 16 percent in 2025.

Silver Supply 

Total global silver supply is forecast to grow by 3 percent in 2025 to an 11-year high of 1.05 billion ounces.

Silver mine production is expected to reach a seven-year high in 2025, rising by 2 percent to 844 Moz. Increased output is anticipated from both existing and new operations in several markets. In China, growth will come from base metal and gold operations, while in Canada and Chile, the ongoing ramp-up of Hecla’s Keno Hill and Gold Fields’ Salares Norte will contribute to rising output, respectively. In Morocco, the ramp-up of Aya Gold and Silver’s Zgounder expansion to nameplate capacity will significantly add to production. 

By-product silver from gold mines is expected to rise in 2025. In contrast, output from base metal mines will likely remain flat year-on-year. Base metal prices remain suppressed compared to the highs of 2021, and this poses a risk to production from lead-zinc mines. 

Silver recycling is projected to increase by 5 percent, with volumes breaching 200 Moz for the first time since 2012. This year, industrial scrap will be the key growth driver, particularly changeouts in ethylene oxide catalysts. Jewelry and silverware recycling will also rise, reflecting India’s price-led gains. 

The silver market is forecast to remain in a deficit in 2025 for the fifth year running. Although this year’s deficit is expected to fall by 19% to 149 Moz, it is still sizeable historically.

Silver Investment

Despite headwinds from a firmer dollar and Treasury yields, investor sentiment has improved towards silver during early 2025. This largely reflects several macroeconomic and geopolitical risks, which have continued to underpin inflows into safe-haven assets, such as silver and gold. The recovery has been assisted by short covering by tactical investors in the futures market amid fears about President Trump’s tariff plans and a subsequent spike in futures and spot silver prices.

Looking ahead, uncertainty over US trade and foreign policy, record-high US equities, and worries about US public debt levels should all reinforce interest in portfolio diversification, which in turn will benefit silver and gold investment. Moreover, even if the pace of US policy rate cuts slows in 2025, the consensus is still that they are coming. Coupled with sticky inflation, this points to potential declines in real rates ahead. 

However, potential tariff hikes under Trump’s administration and their impact on global economic growth, particularly in China, will likely restrain investor enthusiasm across the broader industrial metals complex. This could remain the key drag on silver investment in the coming months, even though silver’s actual industrial demand is expected to remain robust.

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The Silver Institute is the silver industry’s primary voice in expanding public awareness of silver’s essential role in today’s world. Its mandates are to provide the global market with reliable statistics and information on silver and create and execute programs that help drive demand for silver. For more information on silver, including its essential and growing use in the green economy, please visit www.silverinstitute.org.

Disclaimer

This press release is not to be construed as a solicitation or an offer to buy or sell silver or related products, securities, or related investments, and nor does it constitute advice concerning the buying or selling of the same. Accordingly, you should obtain professional or specialist investment advice before taking or refraining from any action related to the content of this press release.

This press release contains forward-looking statements. All statements not historical facts in this press release are forward-looking. In some cases, you can identify forward-looking statements by terminology such as “can,” “might,” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “expect,” “predict,” “potential,” or the negative of these terms or other similar expressions.

Forward-looking statements are based on information and assumptions that the Silver Institute and Metals Focus have when those statements are made or its good faith belief as of that time concerning future events. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those in or suggested by the forward-looking statements. While consideration has been taken in preparing the information published in this press release, the content is provided without any guarantees, conditions, or warranties regarding its accuracy, completeness, or reliability. The Silver Institute and Metals Focus assume no responsibility for updating any forward-looking statements, do not accept responsibility for any errors or omissions, and accept no liability for any loss or damage arising, nor to any third party regarding this document.

(November 19, 2024 – Washington, DC) Institutional investors seeking to strengthen their portfolios through diversification should consider the compelling benefits of investing in silver, according to a new report commissioned by the Silver Institute. The report, “Silver’s Strategic Edge: Navigating the Tectonic Shift in Global Markets,” states that silver offers a unique blend of stability and growth potential as a tangible asset with significant safe-haven appeal and growing use in industrial applications. Silver has a low correlation with equities and bonds, unlike traditional assets, making it an excellent diversification and risk-reduction tool.

The report was produced by the Toronto-based Capitalight Research Inc., which provides proprietary research to clients, including global mining companies and institutional wealth managers. 

The 27-page report discusses the increased fragility in the geopolitical environment and deteriorating government fiscal positions, arguing that these issues enhance silver’s allure as an investment to hedge against inflation and currency devaluation. It also analyzes historical geopolitical impacts and periodic financial crises’ impacts on the silver price, the limits to future policy choices, silver and the Fed Funds rate, and the long-term silver super cycle. It also examines institutional silver investors and silver as a traditional safe haven asset. The report concludes with charts of silver and gold prices during geopolitical events.

On the industrial front, silver’s critical role in advancing green technologies such as solar energy, electric vehicles, and electronics is strengthening its long-term demand trend. The global transition toward renewable energy and electrification is driving a sustained increase in industrial consumption of silver. In contrast, supply constraints contribute to a persistent supply-demand imbalance (projected market deficit of 182 million ounces for 2024). This combination of rising demand and constrained supply could amplify price volatility and lead to significant upward pressure on silver prices. 

The report’s authors maintain that silver stands out as a highly strategic asset for institutional investors due to its dual role as an industrial metal and safe haven asset during market instability. Historically, silver has proven its value during economic and geopolitical crises, serving as a reliable hedge against inflation, currency devaluation, and systemic financial instability. Silver’s role has become even more pronounced in the modern global landscape and warrants a position in investment portfolios. 

To download a complimentary copy of the report, please click here.

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The Silver Institute is the silver industry’s primary voice in expanding public awareness of silver’s essential role in today’s world, especially in green applications. Its mandates are to provide the global market with reliable statistics and information on silver and create and execute programs that help drive silver demand. For more information on silver, including its use in the green economy, please visit www.silverinstitute.org. 

(November 12, 2024) – The global silver market is set to record a physical deficit in 2024 for the fourth consecutive year. Record industrial demand and a recovery in jewelry and silverware will lift demand to 1.21 billion ounces in 2024, while mine supply will rise by just 1%. Exchange-traded products are on track for their first annual inflows in three years as expectations of Fed rate cuts, periods of dollar weakness and falling yields have raised silver’s investment appeal. These are some of the key findings reported by Philip Newman, Managing Director at Metals Focus, and Sarah Tomlinson, Director of Mine Supply, during the Silver Institute’s Annual Silver Industry Dinner in New York this evening, which featured historical supply and demand estimates for 2024. The following are the key highlights from their presentation:

• The silver price has posted a remarkable rally during 2024-to-date, nearly touching $35 for the first time since 2012. Through to November 7, prices have surged by 34% since the beginning of this year. Leaving aside a brief drop to a three-year low of 73, the gold:silver ratio has largely held between 80 and 90 so far in 2024.  

• Global silver demand is expected to rise by 1% year-over-year (y/y) to 1.21 billion ounces in 2024, making it the second highest in Metals Focus’ series (which starts in 2010). Most of silver’s demand segments are expected to strengthen this year, led by industrial applications. This leaves physical investment as the only key demand component to post a meaningful decline.
  
• Industrial demand is forecast to rise by 7% in 2024 to surpass 700Moz for the first time on record. In keeping with the last two years, the growth in 2024 has been underpinned by gains from green economy applications, particularly in the photovoltaic (PV) sector. Higher demand is also expected from the automotive sector, as silver benefits from greater vehicle sophistication, the rising electrification of powertrains and ongoing investments in infrastructure, such as charging stations. While a challenging macro backdrop has weighed on sales of consumer electronics, the rapid adoption of AI technologies has resulted in a growing need for technological upgrades, replacements and new infrastructure investment, all of which have assisted silver demand.

• Silver jewelry and silverware are both projected to rise by 5% in 2024. For each segment, India has been the key growth contributor, with particularly strong sales between late July and early September when the import duty cut coincided with a pullback in the dollar silver price. Jewelry consumption is also set to grow in the US, which also benefits key Asian and European exporters. 

• Physical investment is forecast to fall by 15% to a four-year low of 208Moz in 2024. Losses have been concentrating in the US where coin and bar sales are on track for a 40% decline to its lowest level since 2019. This reflects an absence of new crises during 2024-to-date, which has affected precious metal retail investment across the board. Physical investment in Europe has also weakened, but this year’s decline has been relatively modest following a pronounced fall in 2023. By contrast, India is expected to enjoy higher bar and coin sales, thanks to bullish price expectations and a cut to the import duty on silver bullion.

• Exchange-traded products are on track for their first annual inflows in three years. Expectations of Fed rate cuts, periods of dollar weakness and falling yields have raised silver’s investment appeal. Investor interest has also benefited from silver’s breakout of rangebound trading. At end-October, global holdings were at their highest since July 2022, up by 78Moz or 8% from year-end-2023. 

• In 2024, global mined silver production is estimated to rise by 1% y/y to 837Moz. Growth from Mexico, Chile and the US will outpace lower output from Peru, Argentina and China. Production from Mexico is forecast to increase by 10Moz, equivalent to 5% y/y, to 209Moz. This will be driven by higher mill throughput and grade at Pan American Silver’s La Colorada operation, following upgraded ventilation infrastructure. Output will also be boosted by a recovery in production from Newmont’s Peñasquito mine. The average All-in Sustaining Cost (AISC) for primary silver mines decreased in H1.24. A slowdown in the rise of input costs was compounded by higher by-product revenue, helping even high-cost producers in the 90th percentile to record positive margins. In general, continued high metal prices will offset production costs and larger royalty payments, further lowering AISC.

• Recycling in 2024 is expected to grow 5% to a 12-year high. Much of this increase comes from price sensitive sectors, such as a spike in western silverware scrap. Industrial recycling also edges higher, but growth here is largely related to structural factors.

• Overall, with slight growth in both demand and supply, the global silver market is set to record a physical deficit in 2024 for the fourth consecutive year. At 182Moz, this year’s deficit is little changed from 2023, and still elevated by historical standards. More importantly, Metals Focus forecast this deficit will persist for the foreseeable future.

Disclaimer & Copyright. The Silver Institute and Metals Focus

We (and where relevant, any identified contributors or co-authors) are the owner or the licensee of all intellectual property rights in this document. This document is protected by copyright laws and treaties around the world. All such rights are reserved.

No organization or individual is permitted to reproduce or transmit all or part of this document (including without limitation extracts such as tables and graphs), whether by photocopying or storing in any medium by electronic means or otherwise, without the written permission of The Silver Institute and Metals Focus. In cases where we have provided our document electronically, only the authorized subscriber, in respect of whom an individual user license has been granted, may download a copy of this document. Additional user licenses may be purchased on request.

While every effort has been made to ensure the accuracy of the information in this document, the content of this document is provided without any guarantees, conditions, or warranties as to its accuracy, completeness, or reliability. It is not to be construed as a solicitation or an offer to buy or sell precious metal, related products, commodities, securities, or related financial instruments.

Press Contact Details

Michael DiRienzo

The Silver Institute

Phone: +1.202.495.4030

Email: mdirienzo@silverinstitute.org

Philip Newman 

Metals Focus

Phone: +44.20.3301.6510

Email: philip.newman@metalsfocus.comcontent

(Washington, DC – August 21, 2024) Mr. Octavio Alvidrez, CEO of Fresnillo Plc (LSE/BM: FRES), headquartered in Mexico City, has been elected Chairman of the Silver Institute by its membership for a second term, having previously served as Chairman from 2017-2018. Also, Mr. Dale Andres, CEO of Gatos Silver (NYSE/TSX: GATO) based in Vancouver, British Columbia, was elected Vice Chairman of the Silver Institute. Mr. Alvidrez and Mr. Andres will each serve one-year terms.

Additionally, Mr. Michael DiRienzo was re-elected President and CEO, and Mr. Carlos Quiroga and Mr. Jeff Melody, both of Coeur Mining (NYSE: CDE), based in Chicago, were re-elected Treasurer and Assistant Treasurer of the Silver Institute, respectively.

Mr. Alvidrez commented, “I look forward to working with the membership of the Silver Institute and the global silver marketplace on raising the profile of and demand for silver, and especially to highlighting the important role silver plays in many green technologies, such as solar energy and electric vehicles.” Mr. Alvidrez added, “I would like to thank Phillips Baker, the former Chairman of the Silver Institute, who recently retired as President and CEO of Hecla Mining (NYSE: HL), for the excellent job he did on behalf of our members and for our metal.”

Brief Bios

Octavio Alvidrez

Mr. Alvidrez joined the Peñoles Group in 1988 and has held several senior operating and financial positions across Peñoles and Fresnillo, including serving as Concentrate Purchasing Head for Met-Mex smelter and refining complex, Group Treasurer, Lead Coordinator for Fresnillo’s IPO at the LSE, London Office Head and General Manager of the Madero Mine, one of Mexico’s largest mines. He holds a Bachelor’s Degree in Mining Engineering from the University of Guanajuato Mexico and received his MBA from the Wharton School of Business at the University of Pennsylvania.

Dale Andres

Mr. Andres joined Gatos Silver in 2021 and has more than 30 years of executive and operating experience in the resource industry. Mr. Andres also serves on the Board of Directors of Artemis Gold Inc. Mr. Andres previously served as Senior Vice President, Base Metals at Teck Resources Limited and was responsible for both the Copper and Zinc business units globally. He holds a Bachelor’s Degree in Mining Engineering from Queen’s University and a Graduate Diploma in Business Administration from Simon Fraser University.

The Silver Institute is the silver industry’s primary voice in expanding public awareness of silver’s essential role in today’s world, especially in green applications. Its mandates are to provide the global market with reliable statistics and information on silver and create and execute programs that help drive silver demand. For more information on silver, including its use in the green economy, please visit www.silverinstitute.org. 

(Washington, DC – July 16, 2024) – Ava Global Logistics and San Cristobal Mining are the newest companies to join the Silver Institute this year as members. Earlier in the year, the Institute welcomed five other companies as members: The Australian Bullion Company, Bunker Hill Mining Corp., Glencore, Silver Bullion Pte Ltd, and Sunshine Minting.

The two most recent member companies are:

Ava Global Logistics (Ava), headquartered in the UK with regional offices in New York, Miami, Buenos Aires, London, Frankfurt, Dubai, and Hong Kong, specializes in securely handling precious metals and banknotes. Ava solves operational issues, breaks down barriers, and opens new markets for their clients. With their expertise, agility, and innovative approach, Ava tackles the challenges of secure transportation and storage transparently and proactively. As a trusted name in logistics, Ava is dedicated to enhancing the efficiency and security of silver transportation and supply chain management.

San Cristobal Mining (SCM) is a private company headquartered in Vancouver, British Columbia, and in February 2023, it acquired 100% interest in Minera San Cristobal (“MSC”) from Sumitomo Corporation. MSC’s mining operation is considered one of the largest silver producers in the Americas, producing an average of 11.3 million ounces of silver annually over the last three years. As of June 2023, the Company had identified over 700 million ounces of reserves and resources across MSC’s portfolio that lie in, and within close proximity, to the mine. The Company has a vision of creating a leading silver producer through continued operation, investment in the future of the Company in Bolivia, and continued consolidation of high-quality assets globally.

Michael DiRienzo, President and CEO of the Silver Institute, stated, “We are pleased to have Ava Global Logistics and San Cristobal Mining as members of our industry association. As we continue to expand,  our commitment to the global silver industry is strengthened as a provider of accurate and timely information to market participants while undertaking initiatives  to create additional demand for the white metal.”

The Silver Institute is the silver industry’s primary voice in expanding public awareness of silver’s essential role in today’s world. For more information on silver, including its use in the green economy, please visit www.silverinstitute.org.

Silver Demand for Photovoltaics Increased 64 Percent, Surpassing Estimates

(New York City – April 17, 2024) On the heels of 2022’s record use of silver in industrial applications, a new record high was set in 2023 at 654.4 million ounces (Moz). Ongoing structural gains from green economy applications underpinned these advances as they did in 2022. Higher than expected photovoltaic (PV) capacity additions and faster adoption of new-generation solar cells raised global electrical & electronics demand by a substantial 20 percent. At the same time, other green-related applications, including power grid construction and automotive electrification, also contributed to the gains.

Overall, silver demand exceeded silver supply in 2023 for the third consecutive year, resulting in a structural market deficit of 184.3 Moz.

These and many other key aspects of the 2023 silver market are examined in World Silver Survey 2024, released today by the Silver Institute. The 88-page Survey also provides an outlook for this year’s silver market. The Survey was researched and produced for the Silver Institute by Metals Focus, the London-based independent precious metals consultancy.

Some of the key findings include:

Silver Demand

Total silver demand saw a decline of 7 percent to 1,195 Moz in 2023; however, this was coming off a record 2022. The price-sensitive physical investment, jewelry, and silverware sectors mainly contributed to last year’s drop. In sharp contrast, industrial demand hit another record high, led by the electrical and electronics sector, which grew 20 percent to 445.1 Moz last year. This gain reflects silver’s essential and growing use in PV, which recorded a new high of 193.5 Moz last year, increasing by a massive 64 percent over 2022’s figure of 118.1 Moz.  Underpinning these overall gains was the limited scale of thrifting and substitution, as silver remains irreplaceable in many applications.

Chinese silver industrial demand rose by a remarkable 44 percent to 261.2 Moz, primarily due to growth for green applications, chiefly PV. Last year, China’s rapid expansion of PV production accounted for over 90 percent of global panel shipments. Industrial demand in the United States stood at 128.1 Moz, essentially flat over 2022, while Japan’s industrial offtake was also basically unchanged at 98.0 Moz.

Silver demand for ethylene oxide (EO) catalysts remained robust because of solid gains from capacity expansion. Brazing alloys rose by 2 percent due to increased mainstream end-uses, including automotive, aerospace, and shipbuilding in most major industrial countries.

Silver jewelry fabrication fell by 13 percent in 2023 to 203.1 Moz. The losses were concentrated in India, where demand eased after reaching its highest total in 2022. Excluding India, total global losses were modest at 3 percent. This was mainly due to the weakness of US and European jewelry consumption (due to such drivers as cost-of-living issues) plus destocking by retailers.

Silverware demand in 2023 fell by 25 percent to 55.2 Moz. This mainly reflected an elevated base in 2022 when fabrication achieved a record high. As with jewelry, overall losses were almost entirely due to India, owing to high local silver prices.

After five consecutive annual gains, silver physical investment (silver bar and coin demand) fell by almost a third last year to a three-year low of 243.1 Moz. While all significant markets saw losses, the decline was particularly acute in Germany (-73 percent) following the Value Added Tax increase at the start of 2023. Most other Western markets saw steep declines due to cost-of-living issues and range-bound prices. However, one partial exception was the US, where losses were smaller at 13 percent. Elsewhere, physical investment in India was down a hefty 38 percent as record high rupee silver prices led to profit-taking, while fresh investors had only limited windows for bargain hunting. The growing popularity of exchange-traded products in India also impacted physical investment in the country.

Silver Supply

Global silver mine production fell by 1 percent to 830.5 Moz in 2023. Output was significantly affected by the four-month suspension of operations at Newmont’s Peñasquito mine in Mexico following a labor strike. Mexico’s silver output fell by 5 percent to 202.2 Moz. In addition, lower ore grades and some mine closures negatively impacted production in Argentina, which experienced a 4.9 Moz drop in production, Australia at -3.1 Moz, and Russia at -1.4 Moz. However, these losses were somewhat mitigated by increased supply from Chile at +10.1 Moz and Bolivia at +3.8 Moz.

Last year, Mexico was the leading silver mining country, followed by China, Peru, Chile, and Bolivia.

Silver recycling, which accounted for 18 percent of total supply last year, grew by 1 percent to 178.6Moz. Much like 2022, the industrial sector was the primary driver of volumes, which in turn was due to growth in the recycling of EO catalysts.

This year is expected to be a solid year for total silver demand, which is forecast to grow by 2 percent. Industrial fabrication should post another all-time high, rising by 9 percent, propelled by an anticipated 20 percent gain in the PV market and healthy offtake from other industrial segments. Jewelry and silverware fabrication are predicted to rise by 4 and 7 percent, respectively, while bar & coin demand is forecast to contract by 13 percent.

Outlook for Silver in 2024

Total silver supply should decrease modestly by 1 percent. As a result, this year, we will also see another large deficit for silver, amounting to a projected 215.3 Moz, the second-largest market deficit in more than 20 years.

As outlined in the Survey, silver has many exciting new demand opportunities beyond its traditional applications and expanding role in the energy transition. For example, silver will become an indispensable material as artificial intelligence (AI) rises. End uses expected to incorporate silver in AI include transportation, nanotechnology, biotechnology, healthcare, consumer wearables, computing, and energy in data centers.

Silver Price

The average silver price grew by 7 percent in 2023, and as of April 12 this year, the silver price has increased 30 percent since the beginning of this year. As a result, the gold:silver ratio fell below 82:1, its lowest since early December 2023.

About the World Silver Survey and Ordering Information

The Silver Institute has published this annual report on the global silver market since 1990 to bring reliable supply and demand statistics to market participants and the public. Metals Focus independently researched and produced the 34th edition of World Silver Survey. The report was sponsored by 24 companies from North and South America, Europe, and Oceania.

A complimentary PDF version of World Silver Survey 2024 can be downloaded from the Institute’s website at www.silverinstitute.org. In North America, hard copies may be purchased from the Institute’s website; for copies outside North America, please contact Metals Focus at www.metalsfocus.com. In addition, members of the media and government officials can request complimentary hard copies of the Survey directly from the Silver Institute.

Contacts:

Michael DiRienzo
Silver Institute
+1 202-495-4030
mdirienzo@silverinstitute.org

Philip Newman
Metals Focus
+44-203-301-6522
philip.newman@metalsfocus.com