Do you have a source? This is what I found online showing that is closer to 3% - 4%:
Silver Supply Increase and Industrial Consumption
The percentage increase of silver supply and the amount consumed by industry that's not reclaimable vary yearly. Here's a breakdown:
Recent Trends:
2023: Estimated increase of 4% in total silver supply, reaching a new high of 1.055 billion ounces. This increase arose primarily from higher mine output exceeding 5%.
2024 (forecast): Expected 3% increase in total supply, reaching 1.02 billion ounces. Mine production is expected to rise 4%, indicating the main driver of growth again.
Industrial Consumption:
Roughly 50-60% of annual silver demand comes from industrial uses like electronics, solar panels, and medical applications.
Reclaimability:
Some industrial uses allow for silver recovery and recycling, although it varies depending on the application.
Studies suggest around 20-30% of industrially consumed silver gets recycled.
The remaining 70-80% is considered permanently lost or dispersed, contributing to a net depletion of available silver.
Sources:
Silver Institute: https://www.silverinstitute.org/silver-supply-demand/
Sprott: https://sprott.com/insights/consumer-trends-bode-well-for-silver/?alttemplate=printblogarticle
Gold Price Forecast: https://www.dailyfx.com/news/gold-silver-forecast-precious-metals-rally-to-come-under-threat-20230916.html
Important Note: These are estimates and forecasts, and actual figures may vary. The Silver Institute publishes detailed annual reports on silver supply and demand, offering the most comprehensive insights.
Silver Supply Increase and Industrial Consumption
The percentage increase of silver supply and the amount consumed by industry that's not reclaimable vary yearly. Here's a breakdown:
Recent Trends:
2023: Estimated increase of 4% in total silver supply, reaching a new high of 1.055 billion ounces. This increase arose primarily from higher mine output exceeding 5%.
2024 (forecast): Expected 3% increase in total supply, reaching 1.02 billion ounces. Mine production is expected to rise 4%, indicating the main driver of growth again.
Industrial Consumption:
Roughly 50-60% of annual silver demand comes from industrial uses like electronics, solar panels, and medical applications.
Reclaimability:
Some industrial uses allow for silver recovery and recycling, although it varies depending on the application.
Studies suggest around 20-30% of industrially consumed silver gets recycled.
The remaining 70-80% is considered permanently lost or dispersed, contributing to a net depletion of available silver.
Sources:
Silver Institute: https://www.silverinstitute.org/silver-supply-demand/
Sprott: https://sprott.com/insights/consumer-trends-bode-well-for-silver/?alttemplate=printblogarticle
Gold Price Forecast: https://www.dailyfx.com/news/gold-silver-forecast-precious-metals-rally-to-come-under-threat-20230916.html
Important Note: These are estimates and forecasts, and actual figures may vary. The Silver Institute publishes detailed annual reports on silver supply and demand, offering the most comprehensive insights.
