Why are silver prices on the rise? The fundamental dynamics are clear.

In 2024, industrial silver demand hit a record: 680.5 million ounces. The amount mined was 819.7 million ounces. In theory, supply seems sufficient, but the reality is: jewelry, investment purchases, and other non-industrial uses together left a deficit of 148.9 million ounces.

So when mine output falls short, it becomes necessary to draw from central reserves. When demand outpaces supply so strongly, the price has no choice but to go up. Especially as demand from solar panels, medical devices, and the electronics industry continues to grow, the bottleneck on the supply side has made silver a strategic commodity. The stronger the global economy, the more certain it is that this demand will increase even further.