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Informist, Thursday, Jan. 30, 2025

MUMBAI – The global silver market is expected to record a deficit for the fifth consecutive year in 2025, the Silver Institute said in a release. Although this year's deficit is expected to fall 19% to 149 million ounces, it is still a sizeable deficit, it said.

Overall, global supply of silver is set to rise 3% this year to an 11-year high of 1.05 billion ounces. Silver mine production is forecast to grow 2% to 844 million ounces this year, a seven-year-high. In China, growth will come from base metal and gold operations. The ongoing ramp-up of Hecla's Keno Hill mine and Gold Fields' Salares Norte mine will contribute to rising output in Canada and Chile, respectively, it said. "In Morocco, the ramp-up of Aya Gold and Silver's Zgounder expansion to nameplate capacity will significantly add to production," the release said.

Global silver demand is forecast to remain broadly stable at 1.20 billion ounces this year, as gains in industrial applications and retail investment will be mitigated by weaker jewellery and silverware demand, it said. Global photovoltaics installations are expected to hit another all-time high in 2025, supporting demand for silver, despite looming pressures on renewable projects in the US during President Donald Trump's second term.

Additionally, physical investment in silver is expected to rise 3% due 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," the release said.

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

US$1 = INR 86.58

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Reported by Ashutosh Pati

Edited by Avishek Dutta

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