白银市场将现连续第六年结构性短缺，供应创新高仍难填缺口

Group 1 - The silver market is heading towards a structural shortfall for the sixth consecutive year, with a projected gap of 67 million ounces by 2026 [1] - Industrial silver processing is expected to decline by 2% to 650 million ounces, influenced by reduced usage in the solar photovoltaic sector and trends of direct substitution [1] - Jewelry demand is forecasted to drop for the second consecutive year, decreasing by 9% to 178 million ounces, marking the lowest level since 2020 [1] Group 2 - Global silver supply is anticipated to grow by 1.5% to reach a ten-year high of 1.05 billion ounces, with mine production increasing by 1% to 820 million ounces and recycling volume rising by 7% to exceed 200 million ounces for the first time since 2012 [1] - The recent decline in gold and silver futures is attributed to profit-taking ahead of the delayed January employment report, with potential weak data possibly increasing pressure on the Federal Reserve to cut rates, which could support precious metal prices [1] - Silver ETF outflows have made silver susceptible to short-term volatility, but the current supply shortage indicates a potential recovery in the coming months [2]