Global silverforecasted to rise to 1.2 bn oz

Global silver demand is forecast to reach 1.2 billion ounces in 2024, which, if achieved would be the second-highest level recorded. Stronger industrial offtake is a principal catalyst for the rising global demand for the white metal, and the sector should hit a new annual high this year.

For the short term, as an early start to U.S. interest rate cuts appears less likely, investment in much of the precious metals complex could be under pressure. Concerns about a slowing Chinese economy could also present a headwind to silver institutional investment. By contrast, the economic backdrop is expected to turn more favorable to silver investment in the second half of 2024, when the U.S. Fed is anticipated to begin cutting interest rates.

With that backdrop, the Silver Institute offers its thoughts on the 2024 silver market, noting that Metals Focus, the distinguished global precious metals research consultancy based in London, contributed to this analysis. The firm will research and produce the Silver Institute’s annual report on the international silver market, World Silver Survey 2024, which will be released on April 17, 2024.

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