The Silver Institute's World Silver Survey has recorded consecutive annual deficits since 2021, with industrial demand, particularly photovoltaics and electronics, doing the heavy lifting. That composition matters: industrial buyers do not liquidate holdings the way ETF speculators do.
Executive summary
Silver is behaving less like a monetary metal and more like a specialty industrial input. That is a better story for producers.
- Desk
- Markets
- Stance
- Constructive
- Sources
- 1 cited
- Reading
- 5 min
Section 01
A different demand mix
Section 02
Where it leaves producers
Primary silver producers remain rare. Most silver output is a by-product of copper, lead and zinc mining, which means industrial demand growth translates only partially into new dedicated supply. That structural friction supports margins for the operators who genuinely control the ounce.
That composition matters: industrial buyers do not liquidate holdings the way ETF speculators do.
Data visualiser
All-in sustaining cost distribution, producer sample
- Q1 low1,180
- Median1,465
- Q3 high1,720
- Marginal1,985
| Stage | Value (US$/oz) |
|---|---|
| Q1 low | 1180 |
| Median | 1465 |
| Q3 high | 1720 |
| Marginal | 1985 |
Reported AISC for the producers covered by the markets desk this quarter.
Access private briefings
Desk alerts for the precious metals sector
Reserve evaluations, licensing changes and market notes, sent when the file moves. No promotional mail.
Sources and further reading
Access private briefings
Desk alerts for the precious metals sector
Reserve evaluations, licensing changes and market notes, sent when the file moves. No promotional mail.