The World Demands 200 Million More Ounces of Silver Than We Have

It was recently estimated by Metals Focus, a London-based silver analyst consultancy, that this year the world will have demanded nearly 200 million ounces more silver than we were able to supply from mining or recycling combined.

Not a surprise to those of you who have been paying attention. Because throughout this year, we tracked that nearly 400 million ounces of industrial-sized silver bullion bars moved out of the combined COMEX and London silver warehouse networks, much of which was to help meet record worldwide silver demand throughout this year.

While myriad industrial uses for silver continue to grow steadily. 

A combination of two major silver demand forces made this a record year for silver in 2022.

This Indian silver import chart is only updated through last October 2022, but you can see it has already reached a record high level. India will likely have imported some 300 million ounces of silver this year.