Selected primary sources, dated estimates and a clear distinction between what happened and what is forecast.
The November update projects 2026 industrial demand of 640 Moz and total demand of 1.08 Boz, with a 35 Moz deficit. These are estimates for the full year, not completed-year results. Earlier 2026 projections should not be mixed into the same current scenario.
The Silver Institute / Metals Focus · 12 November 2026| Measure | Million troy oz |
|---|---|
| Industrial demand | 657.4 |
| Mine production | 846.6 |
| Recycling | 197.6 |
Annual estimates, published 15 April 2026. These three measures are not a complete supply-and-demand balance.
The Silver Institute / Metals Focus · 15 April 2026| Measure | Million troy oz |
|---|---|
| Total demand | 1,080 |
| Industrial demand | 640 |
| Annual deficit | 35 |
Forecasts published 12 November 2026. Rounded values; not an indication of immediately available inventory.
The Silver Institute / Metals Focus · 12 November 2026Electronics, automotive applications and photovoltaics respond differently to technology and price. The Institute reports that solar manufacturers have reduced silver use per unit and pursued substitution. Installation growth alone is therefore an incomplete guide to silver consumption.
The Silver Institute / Metals Focus · 15 April 2026An annual shortfall is a flow measure. Inventories, timing, location and available product format influence how it is absorbed. A deficit by itself does not establish a future price or a return.
London wholesale silver bars have a nominal 1,000 troy oz specification, with a ±10% weight tolerance under current Good Delivery rules. A retail bar from an accredited refiner is not automatically a London Good Delivery bar.
LBMA · Undated current rules; checked 14 November 2026We use original issuer releases, standards and company documentation. Company descriptions identify stated services, rather than independently verified service quality. Dates shown as “checked” apply to undated pages.
The site does not ingest live exchange prices or execute trades. No prices or performance claims are derived from this research. Recheck original publications before relying on any estimate.
The Silver Institute / Metals Focus · 12 November 2026
Read original sourceThe Silver Institute / Metals Focus · 15 April 2026
Read original sourceLBMA · Undated current rules; checked 14 November 2026
Read original sourceLBMA · Undated; checked 14 November 2026
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