Industrial silver demand is dropping, but we’re still in a deficit. What gives?

Industrial demand hit 680.5 Moz in 2024, dropped to 657.4 Moz in 2025, and is expected to fall again to 639.6 Moz in 2026.

Solar manufacturers are using less silver, but we’re still looking at a 46.3 Moz deficit this year — potentially the sixth year in a row.

Mine production isn’t really growing either.

Curious what everyone thinks. If industrial demand keeps falling but the market stays in deficit, which matters more for price?

And was that $121 spike in January the top, or just the first big move?