Industrial demand
Reported for 2025, down 3% from the prior year.
RESEARCH & INTELLIGENCE
Context that keeps
its date.
A focused reading room for silver fundamentals. Annual estimates, current observations and forecasts serve different purposes.
MARKET BRIEF 01
REVIEWED 11 NOVEMBER 2026What the 2025 annual data tells us.
The Silver Institute's 15 April 2026 summary of the World Silver Survey reports lower industrial demand alongside higher mine production in 2025.
Mine production
Reported for 2025, up 3% from the prior year.
Coin & net bar demand
Reported increase in 2025.
Source: Silver Institute, 15 April 2026; researched by Metals Focus. Figures are annual estimates. Mine production excludes recycling and is not total supply.
Read the original release →Demand is not one story.
The release connects industrial use with electronics, automotive and energy applications, while describing lower photovoltaic consumption as manufacturers economised on silver or substituted materials.
The practical point: technology adoption and silver use per unit can move in different directions.
A deficit is not a price forecast.
The annual balance also depends on recycling, investment flows and metal released from existing stocks. It is not enough to subtract mine production from industrial use or to treat a deficit as an assured price signal.
Our calculator models assumptions. It does not predict future silver prices.
RESEARCH NOTE 02 · 6 NOVEMBER 2026
Activity on one platform is not the entire market.
BullionVault's November research describes changes in buying and selling among its own users during October. Its investor index is useful context for that platform's audience; it is not a survey of all silver holders or a forecast.
Read the BullionVault research →Our evidence policy
We identify the publisher, publication date and observed period; label projections as projections; and keep source links visible. This edition contains no licensed live feed, scraped price series or automated news service.
Source desk
- Silver Institute / World Silver Survey 2026 summary — 15 April 2026; 2025 estimates and 2026 outlook. Only annual 2025 findings are used above.
- LBMA Silver Price — undated methodology page; checked 11 November 2026. Benchmark governance and usage information.
- BullionVault investor research — 6 November 2026; platform-specific observation and commentary.