Global demand for silver rose 18% last year to a record high of 1.24 billion ounces, resulting in a massive supply shortfall. The Silver Institute predicts more shortages in the years ahead.
The 2022 undersupply and the 51.1 million ounce shortfall in 2021 have wiped out the cumulative surpluses of the previous decade, and we forecast a further 142.1 million ounce undersupply this year. According to Philip Newman of Metals Focus, the consultancy that compiles the data for The Silver Institute, we are moving into a different market paradigm, one of permanent shortages.
Read more: Financialpost