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Business Today

Silver heads for a sixth straight physical deficit as 2026 shortfall seen at 46.3 million ounces

AI Market Summary
The newsletter highlights a sixth straight year of physical silver deficits, with the 2026 shortfall projected to widen and above-ground stocks materially depleted since 2021. Flat mine output and byproduct dependence limit supply responsiveness, while investment demand is forecast to rise despite weaker photovoltaic usage driven largely by "thrifting". Low COMEX registered inventory coverage versus paper claims (high leverage) could amplify near-term volatility as physical tightness intensifies.
Impact level
● Medium
Affected assets
NCSKSLV2USD/USDT+0.09%
AI Insight · NCSKSLV2USD/USDTAI Insight
▲ Bullish
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⚠️ AI-generated insights are based on news content and are provided for informational purposes only. They do not constitute investment advice or represent the views of BingX. Investing involves risk. Please trade responsibly.
The silver market is set to post a sixth consecutive year of physical deficit, with the 2026 shortfall projected at 46.3 million ounces, wider than in 2025. Since 2021, a cumulative 762 million ounces has been drawn from above-ground stocks. Even as photovoltaic demand declines, rising investment demand and tight physical supply are still supporting prices. COMEX registered inventories cover only 17.8% of outstanding paper silver positions, implying paper leverage of about 5.6x.
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