The silver market is expected to maintain a significant deficit for the fifth consecutive year in 2025, driven by record-breaking industrial demand exceeding 700 million ounces.

While global demand is expected to hold steady at 1.20 billion ounces, the market shows divergent trends across sectors. Physical investment is forecast to rise 3% in Western markets, while jewelry and silverware demand face pressure, particularly in India, where high local prices are expected to trigger a double-digit decline.

The market is also being influenced by geopolitical factors, including concerns about Trump’s tariff policies and Chinese economic uncertainty, which have affected both physical delivery demands and the gold:silver ratio.