Global silver balance: from years of surpluses to a massive shortage shaking the market
Look closely at this image
This is not just another infographic, this is a dramatic snapshot of the global silver market (Silver), explaining why this metal is at the center of global attention worldwide.
Between 2016–2020, the world enjoyed a silver surplus, mines produced more silver than industry and investors consumed.
The total surplus reached 185 million ounces accumulated during these years.
The market was calm, prices stable, perhaps even sleepy.
But then everything changed.
From 2021, the silver market entered a new era:
The era of deficit.
And not just any deficit, but one that deepens year after year. 2021: 79 million ounces, 2022: 249 million, 2023: 200 million, 2024: 149 million, 2025 (forecast): 118 million.
Total?
Almost 800 million ounces are missing.
This is equivalent to a full year of global silver production. Yes, you read that right.
Why is this happening?
Because the world is changing direction.
- Silver is not just a precious metal, it is a strategic material.
- Green energy requires silver, in every solar panel.
- Electric vehicles require silver, in every connection and conduction system.
- Advanced technologies, chips, communication, all consume silver at unprecedented levels.
And the mines?
They are not keeping up.
The implication?
A trend change in demand, to rising demand, which may signal a price increase that could climb to unprecedented heights.
Is this a deep structural change in the global market of one of the world's most important metals?
We are definitely monitoring closely.