Global silver demand reaches new high in 2022, record supply-demand deficit


“Physical investment in 2022 is on track to jump by 18% to 329 million ounces, which would also be a new record. Support has come from investor fears of high inflation, the Russia-Ukraine war, recessionary concerns, mistrust in government, and buying on price dips. The rise was boosted further by a (near-doubling) of Indian demand, a recovery from a slump last year, with investors often taking advantage of lower rupee prices.”

USAGOLD note: TSI also reports a record deficit between supply and demand – 194 million ounces.

Silver surplus or deficit
(Millions of troy ounces)
bar chart showing silver supply-demand surplus or deficit 2012 -2022
Chart by USAGOLD [All rights reserved] • • • Data source: The Silver Institute


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