On the heels of 2022’s record use of silver in industrial applications, a new record high was set in 2023 at 654.4 million ounces (Moz). Ongoing structural gains from green economy applications underpinned these advances as they did in 2022.
Higher than expected photovoltaic (PV) capacity additions and faster adoption of new-generation solar cells raised global electrical & electronics demand by a substantial 20 percent. At the same time, other green-related applications, including power grid construction and automotive electrification, also contributed to the gains.
Overall, silver demand exceeded silver supply in 2023 for the third consecutive year, resulting in a structural market deficit of 184.3 Moz.
These and many other key aspects of the 2023 silver market are examined in World Silver Survey 2024, released recently by the Silver Institute. The 88-page Survey also provides an outlook for this year’s silver market. The Survey was researched and produced for the Silver Institute by Metals Focus, the London-based independent precious metals consultancy.
Outlook for Silver in 2024 said in the report that the total silver supply should decrease modestly by 1 percent. As a result, this year, we will also see another large deficit for silver, amounting to a projected 215.3 Moz, the second-largest market deficit in more than 20 years.
As outlined in the Survey, silver has many exciting new demand opportunities beyond its traditional applications and expanding role in the energy transition. For example, silver will become an indispensable material as artificial intelligence (AI) rises. End uses expected to incorporate silver in AI include transportation, nanotechnology, biotechnology, healthcare, consumer wearables, computing, and energy in data centers.
The average silver price grew by 7 percent in 2023, and as of April 12 this year, the silver price has increased 30 percent since the beginning of this year. As a result, the gold:silver ratio fell below 82:1, it’s lowest since early December 2023.
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