Silver Deficit Widens to 46.3Moz in 2026: Supply Flat, Drilling Picks Up - News and Statistics - IndexBox

AI desk brief

The World Silver Survey from The Silver Institute and Metals Focus projects a sixth straight annual silver market deficit in 2026, widening to 46.3Moz from 40.3Moz in 2025, while global mine output is expected to remain flat. Total supply is forecast to fall about 2%, reinforcing a structural tightness that is supporting interest in new high-grade silver, lead and zinc projects.

The piece notes silver traded around $60/oz on Oct. 7 after easing from roughly $66 a month earlier. It highlights increased drilling and exploration activity in North America, including GoldHaven’s move at its Magno project in British Columbia and recent production/discovery updates from First Majestic, Endeavour Silver, Hecla and Americas Gold and Silver.