Global silver demand decreased by 3% to 1.16 billion ounces in 2024, according to the “World Silver Survey 2025” report, recently published by the Silver Institute.
“The impact of US tariffs will be a key risk to silver demand this year,” the Silver Institute said. “An extended period of elevated tariffs, or a further escalation of global trade wars, could lead to significant supply chain disruptions and sharply lower global GDP growth. These will weigh on industrial, jewelry, and silverware demand, though physical investment could benefit from rising safe-haven purchases.”
The institute’s experts forecast that demand could fall slightly to 1.15 billion ounces this year. “Following a series of all-time records in recent years, industrial fabrication will remain flat in 2025, as the gains in silver’s use in PV offtake ease,” said the Silver Institute.
Industrial demand reached 680.5 million ounces last year, with the PV industry requiring 197.6 million ounces, slightly up from 192.7 million ounces in 2023.
The report’s authors noted the ability of PV manufacturers to reduce silver content – a process referred to as “thrifting” – more effectively than other industries. “While thrifting and substitution remained limited across most sectors, notable advancements within the PV segment led to a sharp reduction in silver loadings,” said the Silver Institute.
The average price for silver stood at $28.27 per troy ounce in 2024, up from $23.35 per troy ounce in 2023.
“The start of 2025 saw further gains, with silver exceeding $34 by mid-March amid rising uncertainties surrounding US trade and foreign policy,” the Silver Institute explained. “Thereafter, the silver price has weakened, following the US tariff announcements. Even so, as of April 7, the silver price was still up four percent for this year to date.”
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