Silver Demand Surge to 50% of Global Production = 200 Moz Annual Deficit for Electrification Shift

The silver market is experiencing a fundamental transformation where industrial consumption has increased from 10% to 50% of annual production over the past century, creating a structural shift from primarily monetary metal to essential industrial commodity driven by electrification and renewable energy trends. A persistent supply-demand imbalance has emerged with annual deficits of approximately 200 million ounces over five years, as primary silver mines produce only 25% of global output while byproduct supply from base metals cannot easily respond to increasing demand signals.

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