白银研究所：供应危机将延至2026年，价格波动后静待新爆发

Group 1 - The volatility in the silver market is beginning to ease, with prices consolidating above $80 per ounce, supported by strong fundamental factors despite being below last month's historical highs [1] - The primary support for silver comes from a persistent supply-demand imbalance, expected to last until 2026, marking the sixth consecutive year of supply shortages [1] - Investment demand is anticipated to be the main driver for price increases this year, while rising prices are expected to suppress jewelry demand [1] Group 2 - Physical investment in silver is projected to grow by 20%, reaching a three-year high of 227 million ounces, as Western markets are expected to recover in 2026 after three years of decline [2] - Industrial demand is expected to decline by 2%, reaching approximately 650 million ounces, with the solar industry being the most affected due to companies reducing silver usage [2] - Despite the decline in solar-related silver consumption, the overall trend of electrification in the global economy is expected to support broader industrial demand for silver [2] Group 3 - Demand for silver jewelry is expected to decline by over 9% in 2026, reaching 178 million ounces, the lowest level since 2020 [2] - Overall demand is still expected to exceed supply, with global silver supply projected to grow by 1.5% in 2026, reaching a ten-year high of 1.05 billion ounces [3] - The silver market is expected to experience a significant supply shortfall of 67 million ounces in 2026 [3] Group 4 - The annual silver survey compiled by Metals Focus is set to be released in April [4]