silver institute 2024 deficit forecast 215 million ozs Metals Focus noted that industrial demand continues to dominate the silver market and is expected to hit another record high this year, rising 9% to 710.9 million ounces, propelled by the solar sector as silver demand for Photovoltaic (PV) solar panels rises 20% to 232 million ounces.
Although investors continue to shy away from the silver market, demand continues to overwhelm supply. The market is expected to see a deficit of 215.3 million ounces, the second-largest deficit in more than two decades. Total global silver demand is expected to rise to 1.219 billion ounces, an increase of 2% from last year.