Silver spot at $75.62/oz, consolidating after January's all-time high above $121/oz. Market remains structurally tight, but PV thrifting is reshaping demand.
World Silver Survey reports PV silver demand fell 6% in 2025 to 186.6Moz and forecasts another 19% drop in 2026 to ~151Moz. Silver paste is ~30% of solar cell cost.
Industrial demand at ~56% of total remains robust in electronics, automotive electrical, and industrial catalysis, partially offsetting PV reduction.
The deficit persists but narrows. Above-ground inventories have been drawn down significantly since 2021.
PV thrifting introduces demand uncertainty but structural deficit and declining stocks provide a supportive floor.
PV thrifting introduces demand uncertainty but structural deficit and declining stocks provide a supportive floor.