2025年世界白银调查

World Silver Survey 2025 Summary

Core Content

The World Silver Survey 2025 is a comprehensive report on the global silver market, published by the Silver Institute and produced by Metals Focus. It provides an in-depth analysis of supply and demand dynamics, market trends, and the role of silver in various sectors, including investment, industrial, and jewelry. The report highlights the continued importance of silver in the transition to a green economy and its role in decarbonization, technology, and sustainability.

Main Points

• Silver Price Performance: Silver experienced a 21% intra-year price increase and a 59% trough-to-peak rally in 2024, reaching its highest annual average since 2012. However, its performance relative to gold was disappointing, as the gold:silver ratio remained between 80:1 and 90:1 throughout the year, and silver did not reach fresh price highs despite its strong fundamentals.

• Market Deficit: Silver recorded its fourth consecutive year of deficit, with a 150Moz (4,600t) shortfall in 2024, equivalent to 15% of global supply. This deficit was driven by a 2% rise in supply and a 3% dip in demand, although industrial demand set a new record at 680.5Moz (21,165t).

• Supply Drivers:

  • Mine Production: Rose by 0.9% to 819.7Moz (25,497t), with significant contributions from Mexico, Australia, and the US.
  • Recycling: Increased by 6% to 193.9Moz (6,032t), reaching a 12-year high. Silverware and industrial scrap were the largest contributors.
  • Gold Mine Production: Recorded the strongest growth at 12%, driven by Peñasquito in Mexico.

• Demand Drivers:

  • Industrial Demand: Set a record at 680.5Moz, with growth in sectors like grid infrastructure, vehicle electrification, and photovoltaics (PV), especially in China (which added 278GW of PV capacity).
  • Jewelry Fabrication: Increased by 3% to 208.7Moz, led by India and Thailand.
  • Silverware Demand: Declined by 2%, primarily due to economic pressures in Western markets.
  • Photography Demand: Fell to a new multi-decade low of 25.5Moz, reflecting a structural decline in consumer and professional paper usage.

• Investment Trends:

  • Physical Investment: Continued to decline, with coin & net bar demand down by 22% in 2024.
  • ETPs (Exchange-Traded Products): Grew by 14% in 2024, with India showing increasing popularity for silver ETPs.
  • Net Hedging Supply: Remained at 0.0Moz in 2024, with a -62% drop in net hedging demand.

• Market Outlook:

  • The report forecasts moderate growth in both supply and demand for 2025, with 2% increase in supply and -1% in demand.
  • Silver's Future Role: Emphasizes its importance in green energy, healthcare, water purification, and industrial applications, as well as its potential in composite silver powders and new technologies.

• Key Sponsors and Contributors:

  • Major sponsors include Coeur Mining, Inc., Fresnillo plc, Industrias Peñoles, Pan American Silver Corp., San Cristobal Mining, and Wheaton Precious Metals.
  • Additional contributors include Asahi Refining, CIBC Capital Markets, International Depository Services Group, MAG Silver, Tanaka Precious Metal Technologies Co., Ltd., and Valcambi sa.

Key Information

• Funding and Production: The report was independently produced by Metals Focus, a leading precious metals consultancy with a global team of over 30 professionals.
• Sustainability Focus: The Silver Institute aims to highlight the role of sustainable mining practices and the commitment of its members to environmental and social responsibility.
• Market Balance: In 2024, the market balance was -148.9Moz, reflecting the persistent deficit.
• Report Structure: The report includes detailed tables and charts covering supply and demand by region, recycling trends, and investment activity. It also includes focus boxes on topics such as silver ETPs in India, above-ground silver stocks, and changing mining legislation.

Summary Table (Key Figures)

Conclusion

The World Silver Survey 2025 underscores the importance of silver in the global economy, particularly in green energy and sustainability. While the market remained in deficit, the positive macroeconomic and geopolitical conditions supported silver prices, albeit not as strongly as gold. The report also highlights the growing role of recycling and physical investment, with India and Western markets showing notable trends in these areas. Overall, the report serves as a valuable resource for understanding the dynamics of the silver market and its future trajectory.