Precious Metals
November 21, 2024
3 min
Precious Metals
%20Main.avif)
This graphic, based on data from the Silver Institute's World Silver Survey 2024, illustrates the connection between changes in silver supply, demand, and market prices. Between 2015 and 2024, the global silver market transitioned from balanced periods to pronounced supply deficits, primarily driven by rising industrial demand and stagnating mine production. This shift has significantly influenced silver prices, which have risen alongside deepening deficits.
Silver Market Surpluses and Deficits
From 2015 to 2020, the market experienced small surpluses, such as 55 million ounces in 2016, keeping prices stable at $14–$17 per ounce. However, starting in 2021, the market shifted into a deficit of 95 million ounces, expanding to 264 million ounces by 2022 due to growing demand from electronics, solar energy, and electric vehicles. In 2023, the deficit was 184 million ounces, with a projected 215 million-ounce shortfall in 2024, driven by rising demand and a slight drop in supply.
Price-Deficit Correlation
Between 2015 and 2018, silver prices remained stable, ranging from $14 to $17 per ounce due to market surpluses. Prices began climbing between 2019 and 2020, surpassing $20 per ounce by 2020 as demand increased and supply disruptions emerged. From 2021 to 2022, prices averaged between $22 and $25 per ounce, reflecting growing supply deficits. In 2023, prices stayed high at around $23 per ounce. However, in 2024, prices have surged as high as $34.9 per ounce due to continued deficits.
Industry Demand and Market Outlook
Rising demand from sectors such as solar energy and stagnating mine production have led to growing silver deficits, driving prices higher. This structural imbalance is expected to persist, keeping prices elevated as green technology and industrial needs continue to fuel demand.
Sponsored by:
Outcrop Silver is a leading exploration and development company focused on advancing the high-grade Santa Ana silver project in Colombia. The company leverages a seasoned team with extensive regional experience to expand its mineral resources through strategic exploration. Outcrop Silver is committed to responsible mining and community engagement, prioritizing sustainable development. With a deep understanding of Colombia's mining landscape and a strong track record, the company aims to transform Santa Ana into a significant silver producer, contributing to both local economic growth and industry standards.
Learn more about Outcrop Silver at https://outcropsilver.com/
Eloro Resources Ltd. is an exploration company focused on developing a world class silver and tin project in Bolivia's Potosí Department. Our flagship project, ISKA ISKA , ranks in the top five of global undeveloped resources in scale for both tin and silver. This truly significant grass roots discovery remains open in multiple directions with further potential to both expand and enhance. This world class deposit benefits not only from its proximity to infrastructure, but more importantly, from our connection to Bolivia through our management team and community involvement. Our goal at Eloro is clear - expand resources, attract partnerships, and establish itself as a key player in the mining sector.
Learn more about Eloro Resources at https://elororesources.com/
Source: Silver Institute, World Silver Survey 2024
The information presented here may contain inaccuracies and is subject to rounding. We do not guarantee that all information is complete or correct. We accept no responsibility for any errors, omissions, or outcomes resulting from the use of this information. This is not investment advice.
Explore More
View All
Seven Events That Shaped a Century of Gold Prices
Seven Events That Shaped a Century of Gold Prices
In 1934, the US government set the price of gold at $35 an ounce. In September 2026, the market price averaged $4,319. Measured in today's money, gold has done more than keep up with rising prices. An ounce is now worth almost five times what it was when the price was set in 1934, and more than at the famous 1980 peak. For the companies that mine it, that has meant record margins.
The World's 20 Largest Primary Silver Mines by 2025 Output
The World's 20 Largest Primary Silver Mines by 2025 Output
The largest silver producer among the world's primary silver mines in 2025 sat not in Mexico but in southwestern Bolivia. San Cristóbal, a large open-pit silver-zinc-lead mine run by Minera San Cristóbal, produced 17.6 million ounces of silver, narrowly ahead of Mexico's Juanicipio at the same rounded figure, in new Metals Focus data on the 20 largest primary silver mines. These are the operations where silver is a defining product rather than an incidental byproduct of lead, zinc and gold. The list runs from centuries-old mines in Mexico's silver belt to remote sites in the Andes, the Australian outback and the Alaskan wilderness. Eight of the 20 sit in Mexico, together about 44% of the total, while the rest are spread across the Americas, Asia, Africa and Australia.
Central Banks Have Been Net Gold Buyers Since 2010, After Two Decades of Net Selling
Central Banks Have Been Net Gold Buyers Since 2010, After Two Decades of Net Selling
Central banks bought more gold between April and June 2026 than in any second quarter on record, according to a World Gold Council report published on July 30. That keeps them net buyers this year, as they have been every year since 2010. Underneath, the picture is changing. Russia and Türkiye, both big buyers in the past, have been selling.
Gold Mines in West Africa: Two Billion Years in the Making
Gold Mines in West Africa: Two Billion Years in the Making
The nine West African countries with significant reported output produced about 15% of the world's mined gold in 2025, according to Metals Focus and World Gold Council data. Almost every mine on the map above was built in the past 25 years, and four more reached production in the last eighteen months: Lafigué in Côte d'Ivoire in June 2024, Kiaka in Burkina Faso in June 2025, Ahafo North in Ghana in October 2025 and Kiniero in Guinea in December 2025.
