Demand Outlook After making a series of record highs in the last four years, industrial demand is forecast to flat-line in this year 2025, assuming weak global economic sentiment because of impacting global factors, the year is likely to witness weak global GDP YoY.
Accordingly, silver jewellery manufacturing and silverware demand is likely to remain soft in 2025. Well Silver investment could break its’ previous past records. Jewelry fabrication is expected to fall 6% in 2025 to 196.2Moz (6,104t). Most of this is likely to be price-driven consumption losses, particularly in India (-15%), where re-stocking by the trade should also to be constrained by record high local prices.
Western markets however are likely to be resilient with volumes in US and Europe expected to be virtually unchanged. A larger drop of 15% is expected in silverware demand, again driven primarily by India where the high silver price will continue to impact average weights.
Coin and net bar demand is set to partially recover in 2025 after two years of weakness. Europe could see a slight recovery, led by Germany, where some normalcy returns after two years of heavy losses. The US should see far higher commemorative minting, which offsets ongoing weakness in bar and bullion coin demand.
Losses are forecast for India as record high local prices induce profit-taking and outweigh new investment. Building on the gains seen in 2024, we expect a further rise of 70Moz (2,177t) for ETPs this, 2025.
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