Silver Institute Dinner in NYC — My Key Takeaways on the #Silver Market

Thank you Michael DiRienzo for being a great host! I attended the Silver Institute Dinner in New York last night and wanted to share a few takeaways on the current state of the global silver market and where we may be headed. Philip Newman and Sarah Tomlinson of Metals Focus did a superb job presenting, as always. While the global silver market is forecast to record its sixth consecutive annual supply deficit in 2026, the projected shortfall of approximately 35 million ounces would be the smallest since the market entered a period of structural deficits in 2021. A few important observations: Industrial demand remains mixed. Photovoltaic (PV) demand is expected to decline, reflecting ongoing efforts to reduce silver consumption per solar panel, while automotive demand remains resilient, supported in part by continued growth in electric vehicles. Jewelry and silverware demand are weakening, with projected declines of approximately 22% and 17%, respectively. Higher prices and softer consumer demand are clearly having an impact. The silver market remains in deficit, but the narrowing gap between supply and demand suggests that some of the tightness we have experienced in recent years may be easing. In my view, these fundamentals help explain why the gold-to-silver ratio has been rising in 2026, with gold outperforming silver as investors continue to favor its safe-haven characteristics amid geopolitical and economic uncertainty. I continue to believe silver has significant long-term potential. The metal plays a critical role in electrification, renewable energy, electronics, and other industrial applications. However, strong long-term fundamentals do not necessarily translate into higher prices in the short term. As I have been repeating, patience remains the key! I believe we need to see lower interest rates, a meaningful and lasting resolution to tensions in the Middle East, and a reduction in the constant barrage of geopolitical headlines before precious metals can establish a more sustainable upward trend. Silver, in particular, needs a combination of improving industrial demand, renewed investor confidence, and a more supportive macroeconomic environment to begin consistently outperforming gold. The longer-term story for silver remains compelling, but the path forward will likely be volatile. I would rather see a healthy, sustainable rally supported by improving fundamentals than sharp, headline-driven price spikes that quickly reverse. For now, I remain constructive on precious metals over the longer term, while recognizing that patience, discipline, and perspective are essential in navigating these markets. #Silver #Gold #PreciousMetals #SilverInstitute #MetalsFocus #GoldSilverRatio #Commodities Educational and not investment advice.