The shortage of metal will continue throughout 2023, according to a forecast made by the independent precious metals research and consultancy Metals Focus.
Silver market has remained in deficit for the past 5 years. The record level of metal shortage was in 2022 when it amounted to 253 million ounces.
According to Metals Focus, when compared to the record figure of the last year, in 2023 the supply deficit will decrease almost twofold, to 140 million ounces.
It is worth noting that earlier experts expected a reduction in the deficit of silver to 119 million ounces, as well as a drop in demand by 7%. However, in its latest market review Metals Focus estimates a 10 percent reduction in demand, to 1,143 billion ounces by the end of this year.
In addition, experts predict a 2% drop in the supply of silver: in 2023, it will amount to 1,002 billion ounces. In its previous review, the company expected an increase of silver supply to a record 1.055 billion ounces, dprom.online reports.
Alex Shishlo for Rough&Polished
