Global silver demand expected to hold steady as retail investment offsets industrial declines
The Silver Institute expects rising retail investment to offset lower industrial demand in 2026. The market faces its sixth year of structural deficit today.
Insights:
The Silver Institute issued a preliminary estimate on February 10, 2026, forecasting that global silver demand will remain steady in 2026. The report projects a structural market deficit of 67 million troy ounces for the year, representing the sixth consecutive annual shortfall in the global market. This early-year snapshot was published ahead of a more comprehensive market update scheduled for release in mid-April.
According to the estimate, gains in physical (retail) investment are expected to be a primary driver of demand, offsetting most of the projected declines in other areas. The Silver Institute anticipates a reduction in demand within industrial silver fabrication , the jewellery sector , and the silverware sector over the coming months.
