Core Insights - The silver market is experiencing an all-time high deficit, with a reported shortfall of 67 million ounces (Moz) of fine silver [1][2] - The forecast for 2026 indicates that Exchange-Traded Product (ETP) holdings will reach 1.31 billion ounces, with investment demand projected at 227 million ounces [1][2] Supply vs Demand - The current supply-demand dynamics in the silver market highlight a significant deficit, emphasizing the imbalance between supply and investment demand [1][2] Geopolitical Factors - Geopolitical events are influencing the silver market, contributing to the ongoing deficit and shaping future demand forecasts [1][2]

Silver has closed 2025 as the best-performing asset after a historic 26% surge in December. Yet market participants warn that this rally is not a replay of the Hunt brothers' blow‑off in 1980 or the QE panic in 2011. Back then, with leverage removed, the price could fall back because the metal was available. Today, silver is in a persistent deficit, experiencing surging industrial demand and a tightening geopolitical grip on physical flows. Deficits Make It Different In 1980, the Hunts used leverage to ...