As we approach the end of Q1, gold has already started 2025 breaking records and seeming to...
The silver spot price jumped by 21% in 2024. The start of 2025 saw further gains with silver up 18% in Q1, hitting $34 an oz. by mid-March amid rising uncertainties surrounding U.S. trade policy.
But what drove silver last year, and what will continue to drive it in 2025?
World Silver Survey 2025, released last week by the Silver Institute, has just shared their key findings for 2024 and the outlook for the silver market in 2025. The Survey was researched and produced for the Silver Institute by Metals Focus, the London-based independent, precious metals consultancy.
What are some of the key takeaways?
Total silver demand actually fell by 3% in 2024, driven by weakness in physical investment. Coin and net bar demand actually fell 22% in 2024 to a five-year low even as spot prices rose, but industrial demand was up 4% during the same period.
Total demand is also forecast to fall marginally for 2025, following a series of all-time records in recent years, but a modest recovery in coin and bar demand in some Western markets is expected to largely mitigate losses.
The impact of U.S. tariffs will be a key risk to silver demand this year. Although, physical investment in coins and bars could actually benefit from rising safe-haven purchases. A further escalation of global trade wars may lead to significant supply chain disruptions and sharply lower global GDP growth.
Total silver supply is projected to increase by 1.5%, still, the silver market is anticipated to remain in a deficit.
The combination of supply deficit and safe haven demand should push silver spot prices higher in 2025, just like we've seen throughout the first quarter.
"...we believe there is further upside for silver prices. We are confident that in the next few months we will see new cycle peaks, exceeding the 2024 high to levels not seen for many years. At some point, we also expect silver to catch up with gold thanks to investors looking for value given its recent underperformance," the survey says regarding the 2025 outlook.
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