Silver record demand pushes silver into new era of deficits.

Global demands for silver have rose by 18% last year to a record high of 1.24billion ounces, creating a massive supply deficit, The silver institute is stating to prepare for more shortages in the coming years ahead. The silver market was undersupplied by 237.7 million ound3a in 2022 the institute stated in it’s survey, calling this the most significant deficit on record.

Silver is used in many industries including electronics, solar panels, and the demand for silver is expecting to expand as the global economy’s move away from fossil fuels.

India has also increased imports of silver last yea, but is expected to cool down in buying in 2023.