In the Press

The global silver market is expected to remain in a deficit for a sixth consecutive year amid robust demand for bars and coins, and declining supplies, according to the Silver Institute. The 2026 deficit is projected to widen by 15% to 46.3 million troy ounces, the industry group said in its annual outlook published Wednesday. By Yvonne Yue Li for Bloomberg

The market is forecast to suffer its sixth straight year of deficit in 2026, with total demand outpacing supply, according to the World Silver Survey, published by consultancy Metals Focus and industry body the Silver Institute. “The conditions are certainly there for another squeeze,” said Philip Newman, managing director of Metals Focus. “We don’t know how long it will last for, but I don’t think it is necessarily all behind us.” By Leslie Hook for Financial Times

The silver market is heading for a sixth year of structural deficit, with 762 million troy ounces drawn from stocks since 2021, raising the risk of a renewed liquidity squeeze despite weaker demand expectations, the Silver Institute and consultancy Metals Focus said on Wednesday. Silver , used in jewellery, electronics, electric vehicles and solar panels as well as for investment, is down 35% since a bout of frenzied retail buying – following a 147% surge in 2025 – drove prices to a record high of $121.6 an ounce in January. By Polina Devitt for Reuters

Silver could be headed for another squeeze in London, with Metals Focus and the Silver Institute expecting a sixth straight market deficit in 2026. Metals Focus forecasts a 46.3 million ounce shortfall in 2026, wider than 2025’s 40.3 million, after deficits since 2021 drained roughly 762 million ounces from above-ground stocks. London is a key hub for storing and financing silver, so thinner free inventory can turn routine demand swings into delivery stress. By Finimize Newsroom

A new report from Metal Focus reveals that global silver market remains structurally tight, with elevated prices, a fifth consecutive annual supply deficit in 2025, and ongoing mine and recycling constraints despite modest production growth. At the same time, PV-driven silver demand is falling sharply due to cost pressure and thrifting. By Emiliano Bellini for PV Magazine

The Central Bank of the Republic of Turkey sold 52 tonnes of gold between Feb 27 and March 27, according to analysis by consultancy Metals Focus based on official data, bringing Turkey’s net central bank holdings to 440 tonnes, their lowest level in more than two years. By Leslie Hook and John Paul for Financial Times

After oscillating above $80 per ounce (oz) between Feb. 19 and March 13, silver prices now appear to have stabilized around $70/oz. “For the time being, silver prices seem to have found a new floor, supported by yesterday’s announcement of a pause in attacks on Iran,” Philip Newman, managing director of independent research consultancy Metals Focus told pv magazine. By Emiliano Bellini for PV Magazine

“Regardless of the outcome of the war, we have no doubt that it will contribute to the wider positive sentiment towards gold and its investment case” said Metals Focus, a UK-based precious metals research house. The failure to ensure regime change in Iran leading to a more adverserial government in Iran, and evidence of continued US unilateralism would heighten geopolitical activity and remain supportive of the metal, said Metals Focus. By David McKay for Mining MX

Wilma Swarts, director of PGMs at Metals Focus, predicts a deficit of 203,000 ounces in 2026. Supply remains ​structurally constrained because ​ruthenium is ⁠produced only as a by-product of PGM mining, largely in South Africa. By Anushree Ashish Mukherjee for Reuters

Philip Newman, Managing Director of independent research consultancy Metals Focus, told pv magazine the fact prices have recovered quite well after the end-January correction demonstrates the underlying strength of investor interest in silver. By Patrick Jowett for PV Magazine

“We expect prices to remain volatile, even though the conditions remain for further significant upside this year,” said Philip Newman, director at consultancy Metals Focus. Gold prices could exceed the $5,500 level, he added. Volatility has been more acute in silver with its slump from Thursday’s record high of $121.6 per ounce, due to the smaller size of the market. Its January rally was led by momentum trading and large inflows from retail investors. By Reuters

The experts at Metals Focus describe the development as understandable: given the pace at which the gold price had previously risen, a countermovement was practically inevitable. The market had to “let off steam.” In the first weeks of 2026, according to Piggott, gold marked a double-digit number of new all-time highs in less than three weeks – silver temporarily increased by up to 200% year-on-year. By Björn Junker for Gold Invest

Despite the extreme volatility, a chorus of bullish outlooks emerged from major financial institutions. JPMorgan, Société Générale (SocGen), and consultancy Metals Focus all argue the sell-off represents a severe correction rather than the end of the bull market, maintaining aggressive price targets. By Sunlight Xiang for NAI 500

Matthew Piggott, director of gold and silver at Metals Focus, emphasized that “it’s not any single geopolitical instance but rather a gradual migration from a rules-based global system to a world where America is more focused on American interests” that has been gradually pushing gold prices higher. By Liubov Georges for S&P Global

“We expect further upside (for gold). Our current forecast suggests that prices will peak at around $5,500 later this year,” said Philip Newman, director at Metals Focus. “Periodic pullbacks are likely as investors take profits, but we expect each correction to be short-lived and met with strong buying interest,” Newman added. By Kavya Balaraman for Reuters

Silver may also be subject to supply shortages. About three-fourths of new silver isn’t mined directly but rather is created as a byproduct of mining other metals such as lead, zinc, and copper. That means a rise in silver prices doesn’t immediately translate into increases in supply. Silver demand has outstripped supply every year since 2018. The deficit last year was 18%. Another shortfall is likely in 2026, according to Metals Focus managing director Philip Newman. By Ian Salisbury for Barron’s.