According to a May 2023 article from Coin World via World Silver Survey 2023, 2022 saw a record high when it came to worldwide silver demand. Over 1.2 billion ounces was reached in 2022 alone after “an in-depth examination of the silver market was researched and produced for the Silver Institute by Metals Focus.”
The survey also concluded that the demand was so high that it resulted in a deficit of 237.7 million ounces as physical investment rose by 22% compared to 2021 along with a climb in silver industrial demand (up 5%) and silverware and jewelry (up 80% and 29%). As expected and well-assumed, global demand for silver has risen since 2020 as economies all over the globe are still trying to recover from the pandemic. Total supply in 2022 tallied 1,004,700,000 ounces as demand reached 1,242,400,000.
Also, according to Coin World via the survey, “in 2022, global mine production fell marginally, dropping by 0.6% year to year to 822.4 million ounces.” This happened following a year of growth in 2021 as production rose to 5.8% after recovering from the COVID-19 pandemic. “Last year’s decline was the result of lower byproduct output from lead/zinc mines, particularly in China and Peru,” according to the survey.
Metals Focus predicts that 2023 will continue to see strong demand for silver, according to the World Silver Survey 2023.
More information can be found via Coin World and the full World Silver Survey 2023.
Source: Coin World; World Silver Survey 2023