Global – October 11, 2026 -- The silver market is forecast to stay in deficit in 2026 for a sixth consecutive year, with demand exceeding mine production and recycling by 46.3 million ounces.

The World Silver Survey 2026, prepared by Metals Focus for the Silver Institute, compares that figure with a 40.3 million ounce deficit in 2025. The research also points to a cumulative drawdown of above-ground stocks since 2021. When demand outruns supply, the market covers the gap from existing inventories rather than new production.