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Silver’s 2023, and Outlook for 2024

From The Silver Stock Investor | Mid-month Update December 2023

Investors are starting to wake up and recognize the exceedingly bullish setup in the silver market.

Let’s look at what was expected for 2023, how it’s turning out, and what we can look forward to in 2024.

Although overall total demand is expected to ease by about 10% to 1.14 billion ounces for 2023, that’s still the second highest level on record. After a record deficit of 253 million ounces in 2022, the silver market is facing a 140 million ounce shortfall for 2023. I think we’ll see 2024 end with another sizeable shortage of about 150 million ounces. The Silver Institute expects significant deficits will persist for years. In fact, the cumulative total deficits of 2021, 2022 and 2023 are approximately 474Moz, which is nearly 50% of 2023’s total supply.

Industrial demand reaches a new record high of 632Moz silver in 2023, driven in large part by the green transition technologies of solar panels, upgrading power grids and 5G telecom, as well as EVs and their chargers.

Reviewing the Silver Institute’s World Silver Survey 2023 from April, a few key points stand out. The big news relates to demand

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