Latest news with #WorldSilverSurvey2025
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Business Standard
2 days ago
- Business
- Business Standard
Silver prices surge: Top reasons and what to expect in the months ahead
Silver prices have been on a run in the last few weeks, rising from around $29.5 an ounce (oz) to $36.6/oz. This 24 per cent rise from March 2025 levels has outpaced the run in gold prices, which climbed nearly 15 per cent during this period to $3,338/oz. The recent strength in silver prices, analysts at HDFC Mutual Fund wrote in a note, can be partly explained by investors positioning for the ratio to normalize after silver's prolonged underperformance, besides strong demand from the user industries. In the last one year, silver prices have moved up 26.24 per cent, underperforming the run in gold prices that gained nearly 45 per cent during this period, data shows. Gold-Silver ratio ranged around and crossed 100 in May 2025, showing significant undervaluation of silver relative to Gold. The ratio, which indicates how many grams of silver one can buy for one gram of gold, had crossed 100 only once in this century, during the Covid-19 pandemic when silver corrected sharply amid disrupted industrial activity. A higher Gold – Silver ratio indicates silver is cheaper, and investors typically use it to diversify the amount of precious metals that they hold in their portfolio. As on 9 June 2025, the ratio stood at 91.53, higher than the 10-year average of 81, analysts said. Demand for silver Usage-wise, silver has a 52 per cent demand from industrial applications, and one of the biggest demand growth driver is its use in clean energy applications such as solar energy and electric vehicles (EVs). Jewellery (at 18 per cent) and physical investment, coins & bars (21 per cent) were some of the other demand drivers for silver in the last 10 years (from 2015-2024). Solar sector demand As per estimates in the World Silver Survey 2025, silver industrial demand rose 4 per cent in 2024 to 681 million ounces (Moz), reaching a new record high for the fourth consecutive year. Clean energy requirements such as investment in grid infrastructure, vehicle electrification, and solar applications were key drivers. AI is another driver for silver demand, as consumer electronics shipments increased. Jewellery, silverware and investment demand could see varying levels of demand going ahead amid firm prices, analysts said. Global policies around clean energy and outlook for global trade, in this backdrop, assume relevance in estimating long-term demand for silver. "Solar and EV-related demand has been a key driver for silver, and most economies have taken a strong view towards continued growth in adoption of these technologies. Risks to global growth outlook from tariff related uncertainties translate to risks to silver demand," the HDFC Mutual Fund note said. Where are silver prices headed? On the technical charts, a rare 'Cup and Handle' pattern is forming not just on the weekly chart, but also on the multi-decade (yearly) chart, said Apurva Sheth, head of market perspectives & research at SAMCO Securities, signaling a powerful fractal setup in motion. 'The $35 level now stands out as a crucial breakout zone. A sustained close above this mark could clear the path towards all-time highs, potentially targeting the psychological $50 zone seen during silver's last euphoric run in 2011,' Sheth said. TECHNICAL CHART HERE G Chokkalingam, founder and head of research at Equinomics Research, too, sees a robust demand from the user industries continuing in the months ahead, which is likely to keep silver prices firm. 'Demand for silver from solar and EV industries is likely to stay firm going ahead. I expect silver prices to rise 20 per cent easily from here on in the next 6 – 12 months,' he said.
Fashion Network
22-04-2025
- Business
- Fashion Network
India saw industrial silver demand rise by 4% in 2024: World Silver Survey
India's industrial silver demand rose by 4% in 2024, according to the World Silver Survey 2025 released by the Silver Institute. The growth placed India second, following China, underscoring the country's expanding role in global silver consumption, particularly across manufacturing and jewellery fabrication. Global industrial demand reached a record 680.5 million ounces last year, supported by increased use of green technologies and AI-driven applications, according to the World Silver Survey. India's contribution was notable amid this wider trend, reflecting its growing manufacturing base, the Gem and Jewellery Export Promotion Council reported on its website. Jewellery fabrication also saw a 3% global rise to 208.7 million ounces, with India accounting for the majority of the gains. The increase was linked to lower silver import duties, robust rural economic activity, and stronger demand for higher purity silver jewellery. Investment demand in India surged in 2024, with coin and bar purchases rising by 21%, in contrast to a decline globally. The report attributes this growth to bullish investor sentiment and supportive import policies. However, silverware demand in India weakened, contributing to a 2% global decline to 54.2 million ounces, as high prices affected consumer interest in the gifting segment. Despite global mine production slightly increasing by under 1% to 819.7 million ounces, the silver market recorded a fourth consecutive structural deficit, totalling 148.9 million ounces. The report warned of trade-related risks in 2025, though strong safe-haven interest could sustain demand.
Associated Press
16-04-2025
- Business
- Associated Press
Silver Industrial Demand Reached a Record 680.5 Moz in 2024
NEW YORK, April 16, 2025 (GLOBE NEWSWIRE) -- Silver industrial demand rose 4 percent in 2024 to 680.5 million ounces (Moz), reaching a new record high for the fourth consecutive year. Demand continued to benefit from structural gains linked to the green economy, including investment in grid infrastructure, vehicle electrification, and photovoltaic (PV) applications. Demand was further boosted by end-uses related to artificial intelligence (AI), which drove growth in consumer electronics shipments. Overall, global silver demand exceeded silver supply for the fourth consecutive year, resulting in a structural market deficit of 148.9 Moz in 2024. Notably, during 2021-2024, the combined deficit reached 678 Moz, equivalent to 10 months of global mine supply in 2024. These and other key aspects of the 2024 silver market are examined in the World Silver Survey 2025, released today by the Silver Institute. The 88-page Survey also provides an outlook for the silver market in 2025. The Survey was researched and produced for the Silver Institute by Metals Focus, the London-based independent, precious metals consultancy. Key findings include: Silver Demand Total silver demand fell by 3 percent to 1.16 billion ounces (Boz) in 2024. The decline was primarily driven by weakness in physical investment and slightly lower silverware and photographic demand. The drop was partially offset by the continued strength of industrial demand, which enjoyed another record year. In keeping with 2023, growth was underpinned by record electronics & electrical demand. This reflected structural gains in the green economy flowing through from the PV and automotive sectors and grid infrastructure development. Demand also received a boost from AI-related applications. While thrifting and substitution remained limited across most sectors, notable advancements within the PV segment led to a sharp reduction in silver loadings. On a regional breakdown, China accounted for the largest share of industrial gains, with a 7 percent rise, while India recorded a 4 percent increase. In contrast, Europe saw weaker demand across most countries in the region (except for one-off gains in the UK), while US demand declined by 6 percent in 2024. Demand for brazing alloys rose by 3 percent, supported by growth in key industries, such as automotive and aerospace. Meanwhile, demand in the 'other industrial' category rose by 4 percent, despite a slight drop in ethylene oxide (EO) demand. Silver jewelry fabrication grew by 3 percent to 208.7 Moz. India accounted for the bulk of these gains, thanks to such factors as the import duty cut, a healthy rural economy, and the ongoing rise in purities. Improving exports to key Western countries also lifted fabrication in Thailand by 13 percent. Western consumption was broadly steady as positives, such as branded silver's gains, balanced negatives including cost-of-living issues. By contrast, China saw a third consecutive year of losses amid a challenging economic backdrop. Silverware demand declined by 2 percent to a three-year low of 54.2 Moz. The drop was driven by softer demand in India, where elevated prices weighed on the gifting segment. Coin and net bar demand fell 22 percent in 2024 to a five-year low of 190.9 Moz, led by double-digit declines across all major Western markets. The steepest drop was seen in the US (-46%), due to profit-taking at higher prices, market saturation, and investors' reaction to Trump's election. In Germany, the lingering effects of the 2023 VAT hike on certain silver products continued to weigh on demand. In contrast, India stood out with a 21 percent surge, thanks to bullish price expectations and the import duty cut. Silver Supply Global silver mine production rose by 0.9 percent to 819.7 Moz, underpinned by increased output from lead/zinc mines in Australia and the recovery of supply from Mexico, as Newmont's Peñasquito mine returned to full production. This was supplemented by additional growth from Bolivia and the US. Lower output from Chile, down 8.8 Moz y/y, partially offset this growth. Silver production from lead/zinc mines remained the dominant source of silver, but output was flat y/y. In contrast, silver production from gold mines recorded the strongest growth, up 12% y/y to 13.9 Moz, a three-year high. Last year, Mexico remained the leading silver mine-producing country, followed by China, Peru, Bolivia, and Chile. Recycling rose 6 percent in 2024, reaching a 12-year high of 193.9 Moz. Industrial scrap saw the most significant increase in weight terms, mainly led by the processing of spent EO catalysts. In percentage terms, the highest gain came from silverware recycling, which climbed by 11 percent as firmer silver prices and cost-of-living issues encouraged selling in Western markets. Outlook for Silver in 2025 Total demand this year is forecast to fall marginally to 1.15 Boz. Following a series of all-time records in recent years, industrial fabrication will remain flat in 2025, as the gains in silver's use in PV offtake ease. Both jewelry and silverware are expected to weaken, but a modest recovery in coin and bar demand in some Western markets should largely mitigate losses. Total silver supply is projected to increase by 1.5 percent, led by higher mine production. As a result, the silver market is anticipated to remain in a deficit, but this gap will be a four-year low of 117.6 Moz. As outlined in World Silver Survey 2025, the impact of US tariffs will be a key risk to silver demand this year. An extended period of elevated tariffs, or a further escalation of global trade wars, could lead to significant supply chain disruptions and sharply lower global GDP growth. These will weigh on industrial, jewelry, and silverware demand, though physical investment could benefit from rising safe-haven purchases. Silver Price The average silver price jumped by 21 percent in 2024. The start of 2025 saw further gains, with silver exceeding $34 by mid-March amid rising uncertainties surrounding US trade and foreign policy. Thereafter, the silver price has weakened, following the US tariff announcements. Even so, as of April 7, the silver price was still up four percent for this year-to-date. About the World Silver Survey and Ordering Information The Silver Institute has published this annual report on the global silver market since 1990 to bring reliable supply and demand statistics to market participants and the public. Metals Focus independently researched and produced the 35th edition of World Silver Survey. The report was sponsored by 22 companies from North and South America, Asia, and Europe. A complimentary PDF version of World Silver Survey 2025 can be downloaded from the Institute's website at In North America, hard copies may be purchased from the Institute's website; for copies outside North America, please contact Metals Focus at In addition, members of the media and government officials can request complimentary hard copies of the Survey directly from the Silver Institute . A photo accompanying this announcement is available at
Associated Press
29-01-2025
- Business
- Associated Press
Global Silver Market Forecast to Remain in a Sizeable Deficit in 2025
WASHINGTON, Jan. 29, 2025 (GLOBE NEWSWIRE) -- The silver market is forecast to record another significant deficit (total supply less demand) for the fifth consecutive year in 2025. In keeping with previous years, silver industrial demand will remain the key driver of this favorable supply/demand backdrop, with volumes projected to hit a new record high this year. Concerns about President Donald Trump's anticipated tariff policies have fueled short covering and deliveries of silver (and other precious metals) into CME warehouses since late 2024. This, coupled with rising economic and geopolitical uncertainties, has underpinned a healthy recovery in silver prices since the start of 2025. Over the same time, silver investment has faced several challenges. For example, ongoing concerns about the prospects for the Chinese economy have weighed on silver, which helps explain the elevated gold:silver ratio that has persisted. With this in mind, the Silver Institute offers its thoughts on the 2025 silver market, noting that Metals Focus, the prominent global precious metals research consultancy based in London, contributed to this analysis. The firm will research and produce the Silver Institute's annual report on the international silver market, World Silver Survey 2025, which will be released on April 16. Silver Demand Global silver demand is expected to remain broadly stable in 2025 at 1.20 billion ounces, as gains in industrial applications and retail investment will be mitigated by weaker jewelry and silverware demand. Silver industrial fabrication is forecast to grow by 3 percent this year, with volumes on track to surpass 700 million ounces (Moz) for the first time. In keeping with recent years, silver will benefit from ongoing structural gains in green economy applications. Despite looming pressure on US renewable energy projects under President Trump's second term, global photovoltaics installations are expected to achieve another all-time high in 2025, benefiting silver demand. In the automotive industry, even assuming slower growth in battery electrical vehicle production, greater vehicle sophistication, electrification of powertrains (albeit at a reduced pace), and ongoing investment in expanding related infrastructure will boost silver demand. Elsewhere, gains are also expected in the consumer electronics market, as the development of artificial intelligence systems will continue to boost product offerings. Demand for silver in the 'other' industrial category should edge higher due mainly to some upside in the ethylene oxide (EO) sector. At the same time, modest gains are also projected for brazing alloys. Silver physical investment is also forecast to rise by 3 percent, thanks 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. However, without any dramatic crisis events, the scale of recovery will be limited, considering robust demand over 2020-23 and the subsequent rise in investors' silver holdings. A slight decline in India, where high local silver prices will encourage liquidations, will offset some of these gains. The demand for jewelry is expected to decline by 6 percent. India will account for the bulk of these losses, with high local prices the key driver behind a double-digit decline in 2025. Due to cautious spending by consumers on non-essential items, Chinese demand will also weaken. By contrast, Western jewelry sales will likely remain resilient, thanks to a price-led shift away from carat gold jewelry. Branded silver jewelry is also expected to perform well, offering additional support. Similarly, for silverware, a price-led decline in Indian fabrication will result in global silverware demand falling by 16 percent in 2025. Silver Supply Total global silver supply is forecast to grow by 3 percent in 2025 to an 11-year high of 1.05 billion ounces. Silver mine production is expected to reach a seven-year high in 2025, rising by 2 percent to 844 Moz. Increased output is anticipated from both existing and new operations in several markets. In China, growth will come from base metal and gold operations, while in Canada and Chile, the ongoing ramp-up of Hecla's Keno Hill and Gold Fields' Salares Norte will contribute to rising output, respectively. In Morocco, the ramp-up of Aya Gold and Silver's Zgounder expansion to nameplate capacity will significantly add to production. By-product silver from gold mines is expected to rise in 2025. In contrast, output from base metal mines will likely remain flat year-on-year. Base metal prices remain suppressed compared to the highs of 2021, and this poses a risk to production from lead-zinc mines. Silver recycling is projected to increase by 5 percent, with volumes breaching 200 Moz for the first time since 2012. This year, industrial scrap will be the key growth driver, particularly changeouts in ethylene oxide catalysts. Jewelry and silverware recycling will also rise, reflecting India's price-led gains. The silver market is forecast to remain in a deficit in 2025 for the fifth year running. Although this year's deficit is expected to fall by 19% to 149 Moz, it is still sizeable historically. Silver Investment Despite headwinds from a firmer dollar and Treasury yields, investor sentiment has improved towards silver during early 2025. This largely reflects several macroeconomic and geopolitical risks, which have continued to underpin inflows into safe-haven assets, such as silver and gold. The recovery has been assisted by short covering by tactical investors in the futures market amid fears about President Trump's tariff plans and a subsequent spike in futures and spot silver prices. Looking ahead, uncertainty over US trade and foreign policy, record-high US equities, and worries about US public debt levels should all reinforce interest in portfolio diversification, which in turn will benefit silver and gold investment. Moreover, even if the pace of US policy rate cuts slows in 2025, the consensus is still that they are coming. Coupled with sticky inflation, this points to potential declines in real rates ahead. However, potential tariff hikes under Trump's administration and their impact on global economic growth, particularly in China, will likely restrain investor enthusiasm across the broader industrial metals complex. This could remain the key drag on silver investment in the coming months, even though silver's actual industrial demand is expected to remain robust. The Silver Institute is the silver industry's primary voice in expanding public awareness of silver's essential role in today's world. Its mandates are to provide the global market with reliable statistics and information on silver and create and execute programs that help drive demand for silver. For more information on silver, including its essential and growing use in the green economy, please visit Disclaimer This press release is not to be construed as a solicitation or an offer to buy or sell silver or related products, securities, or related investments, and nor does it constitute advice concerning the buying or selling of the same. Accordingly, you should obtain professional or specialist investment advice before taking or refraining from any action related to the content of this press release. This press release contains forward-looking statements. All statements not historical facts in this press release are forward-looking. In some cases, you can identify forward-looking statements by terminology such as 'can,' 'might,' 'believe,' 'may,' 'estimate,' 'continue,' 'anticipate,' 'intend,' 'should,' 'plan,' 'could,' 'expect,' 'predict,' 'potential,' or the negative of these terms or other similar expressions. Forward-looking statements are based on information and assumptions that the Silver Institute and Metals Focus have when those statements are made or its good faith belief as of that time concerning future events. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those in or suggested by the forward-looking statements. While consideration has been taken in preparing the information published in this press release, the content is provided without any guarantees, conditions, or warranties regarding its accuracy, completeness, or reliability. The Silver Institute and Metals Focus assume no responsibility for updating any forward-looking statements, do not accept responsibility for any errors or omissions, and accept no liability for any loss or damage arising, nor to any third party regarding this document.
