A different demand mix
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.
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.
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