"Silver surged past $60 per ounce in December 2025 on a structural supply deficit expected to persist through 2026. Industrial demand hit record levels in 2025, driven by solar panel manufacturing and electronics production. The Silver Institute projects industrial consumption will exceed 700 million ounces for the first time, while mine supply remains flat because most silver comes as a byproduct of copper and zinc mining."
"The deficit matters because inventories at major exchanges have tightened significantly. When ETF flows accelerate and physical buyers compete for limited supply, prices gap higher quickly. For 2026, watch monthly industrial demand data from photovoltaic manufacturers and semiconductor producers. If solar installation rates maintain trajectory and electronics demand stays firm, the supply squeeze intensifies. Interest rate policy adds another layer."
Silver miners returned dramatically in 2025 as silver prices surpassed $60 per ounce due to a structural supply deficit projected to continue into 2026. Industrial demand reached record levels driven by solar panel manufacturing and electronics, while mine supply remained flat because most silver is a byproduct of copper and zinc mining. Exchange inventories tightened, amplifying price moves when ETF flows and physical buying accelerate. Expected Federal Reserve rate cuts and a weaker dollar would lower real yields, making silver more attractive and supporting further miner outperformance if industrial demand and policy trends continue.
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