2025年世界白银调查（英）-2025_92页_17mb

报告摘要

Silver experienced its fourth consecutive major deficit, measuring 148.9 million ounces, equivalent to 4,632 tonnes annually.
The physical investment market remained stagnant in 2024 due to concerns about macroeconomic and geopolitical factors.
The US dollar maintained strength throughout the year, impacting silver prices and global trade flows.

Silver finished 2024 15% below its 2023 price level, closing at $28.27 per ounce.
The market deficit narrowed by 26% on a year-over-year basis, reflecting a declining surplus of 45 million ounces.
Silver's performance lagged behind its industrial would-be appeal due to above-ground inventories remaining plentiful and a higher gold-to-silver ratio, contrasting with its industrial applications.

Industrial investment saw another record high in 2024, totaling 680.5 million ounces, boosted by green energy demand and artificial intelligence applications.
Physical investment saw a significant drop in the United States, falling 46% to 64.9 million ounces, but India emerged as a key driver in global demand due to speculative buying.
Silver prices reached a five-year high of $34.8 per ounce in early March 2025, signaling stronger investor interest, but prompt-taking limited sustained gains.

Global mined silver supply in 2024 reached approximately 25,497 tonnes, up 0.9% from 2023, with major increases in output from India, Mexico, and Chile, partially offset by declines in China and Peru.
Mexico led production growth, with Fresnillo and Peñasquito mines recording substantial output.

Recycling rose to a 12-year high of 6,032 tonnes, primarily driven by gains in jewelry, silverware, and electronics sectors, reflecting increased price incentive globally.

Silver bullion imports in India surged 115% to 7,695 tonnes, making it the largest importer globally.
Chinese exports of silver reached 4,240 tonnes, maintaining their position as a key player in the global bullion trade.

Industrial demand climbed by 4% in 2024, reaching 21,165 tonnes, stimulated by electrical equipment and green energy applications.
Photography demand continued its structural decline, falling 3% in 2024 to 792 tonnes, reflecting ongoing shifts to digital imaging.

Jewelry fabrication increased by 3% in 2024, with India and Thailand performing exceptionally well.
Silverware demand fell by 2%, with India-led price-led losses contributing significantly to the decline.

MKS PAMP supports the World Silver Institute as a sponsor of the 2025 edition.
Metals Focus is the primary consultancy producing the World Silver Survey.

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