Gold-Silver Ratio Hits 100:1 – A Historic Buying Signal for Silver 
The Silver Institute’s comprehensive World Silver Survey 2025 reveals another year of historic deficit for the white metal, marking the fifth consecutive year of supply shortages. The 92-page report shows the global silver market recorded a deficit of 148.9 million ounces in 2024 (down from 200.6 million ounces in 2023), with industrial demand reaching a new record high of 680.5 million ounces.
Key highlights include:
- Silver prices averaged $28.27/oz in 2024, up 21% year-over-year and the highest since 2012
- Industrial fabrication hit another all-time high, driven by solar panels, 5G technology, and automotive electronics
- Global mine production rose modestly by 0.9% to 819.7 million ounces
- Physical investment demand fell 22% as Western markets saw profit-taking, though India bucked the trend with a 21% increase
Looking ahead to 2025, the report forecasts continued market deficits (117.6 million ounces) with industrial demand remaining near record levels despite ongoing thrifting in solar applications. The persistent supply shortages, combined with macroeconomic uncertainty and expected U.S. rate cuts, suggest further price strength ahead, though silver may need to wait for above-ground stocks to shrink further before significantly outperforming gold.
