Card A · Industrial Demand
Solar vs. AI
681Moz industrial
Solar (PV)232 Moz
AI & Electronics248 Moz
Other Industrial200.5 Moz
2026 Global Silver Deficit · Live Tracker
0
troy ouncessupply shortfall vs. demand
The silver market is running its 5th consecutive annual reported supply deficit. Since 2021, cumulative shortfalls total ~787 Moz, met by drawing on above-ground stocks while mine supply has stayed roughly flat and industrial demand has risen. A deficit reflects the flow balance, not a forecast of price.
Supply
1041 Moz
Demand
1087 Moz
Balance
-46 Moz
Section 01 · Real-Time
Live Interactive Chart
Institutional-grade candles and technical studies for spot Silver (XAG) — streamed natively via TradingView, no API backend required. Switch to COMEX:SI1! or any pair right in the chart.
SI=F · 1Y · Custom Feed
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Relative Value
Gold / Silver Ratio
Ounces of silver that buy one ounce of gold — a common gauge of the two metals' relative pricing. It has averaged roughly 60 over the modern floating era and has historically ranged from the low-30s to above 120. Toggle between the live TradingView embed and our own computed feed (GC=F ÷ SI=F).
GC=F ÷ SI=F · 1Y · Computed Feed
—oz silver / oz gold
Computing ratio…
Section 02 · Physical Float
The Vault Drain
COMEX & LBMA warehouse stocks since 2020. The deliverable 'Registered' category has declined notably from its 2021 highs, though it has stabilized recently and Eligible inventory remains substantial — context that cuts both ways.
COMEX Registered now
39.5 Moz
from 152 Moz in '20
Registered change vs '20
-74%
deliverable category, peak-to-now
LBMA London now
781 Moz
from 1080 Moz peak
Section 03 · Drivers
Macro Movers
The forces shaping silver's supply/demand balance — strong electrification-led demand growth on one side, and the factors that could offset it (recycling, thrifting, price elasticity) on the other.
Card B · Secondary Supply
Scrap & Recycling
2026 (est.)
207 Moz
Since 2020
+25%
Higher prices are lifting scrap supply. Recycling is currently ~19.1% of total supply and rising — a partial, growing offset to the balance rather than a full one.
Card C · Both Sides
Structural Picture
Silver is now an industrial metal first, with industrial uses consuming 58.5% of demand. Much of that is relatively price-inelastic in the short run — a solar panel or server needs the silver regardless of spot.
- +19.9%Solar silver demand, YoY
- 837 MozMine supply — roughly flat for a decade
- 5 yrsConsecutive reported deficits
Counterweights
Deficits are drawn from sizable existing stockpiles, not zero. Higher prices tend to lift recycling, encourage thrifting (less silver per cell/contact), and can curb price-sensitive demand — all of which can narrow the gap over time.