Silver supply deficit reaches record high, could fuel price growth - Silver Institute report silver SilverInstitutereport
-With silver prices holding above $25 an ounce, investors could finally be waking up to a massive imbalance in the precious metals supply and demand fundamentals as demand continues to outstrip supply, according to the latest report from the Silver Institute.
According to the report, global demand rose to a new record high of 1.242 million ounces, up 18% from the record levels seen in 2021. At the same time, the global silver supply totaled 1.004 billion ounces, roughly unchanged from the previous year. For 2023, supply is expected to grow by 2% to 1.024 billion ounces.
"Which would be the second-largest deficit in more than 20 years," Newman said."Even if some of the markets are not as strong compared to last year, demand is still expected to be very robust." "The automatic sector isn't a new area of demand for silver, but there is a lot of exciting opportunity for demand to grow in this sector," he said."The developing 5G networks aren't silver intensive, but they create opportunities for emerging tech to grow as it accesses more bandwidth. All that new tech will be run in part on silver."
Newman noted that 55 million ounces of silver flooded into India in September, representing a peak for the market. Although Indian demand has dropped significantly since the fall, with about 500,000 ounces imported in February, Newman said the market outlook remains robust.
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