1、Launch of World Silver Survey 2025Philip Newman and Sarah Tomlinson,Metals FocusApril 16th,2025World Silver Survey 2025 has been kindly supported by the World Silver Survey 2025 has been kindly supported by the following companies:following companies:Major SponsorsMajor SponsorsWorld Silver Survey 2

2、025 has been kindly supported by the World Silver Survey 2025 has been kindly supported by the following companies:following companies:SponsorsSponsorsContributorsContributors01/03/201001/11/201001/07/201101/03/201201/11/201201/07/201301/03/201401/11/201401/07/201501/03/201601/11/201601/07/201701/03

3、/201801/11/201801/07/201901/03/202001/11/202001/07/202101/03/202201/11/202201/07/202301/03/202401/11/20241015202530354045-300-250-200-150-100-5005010020102012201420162018202020222024US$/ozMozSurplus/DeficitSilver PriceOverall,silver supply remains broadly stable2010-2019:-0.1%2020-2024:+0.0%A step-c

4、hange for demand since 20212010-2019:+0.6%2020-2024:+3.6%Market fundamentals have been healthy for some timeGlobal Silver Supply&DemandThe fourth successive,and sizable deficitSource:Metals Focus8008509009501,0001,0501,1001,1501,2001,2501,30020102012201420162018202020222024MozTotal SupplyTotal Deman

5、dSurplusDeficit01/03/201001/11/201001/07/201101/03/201201/11/201201/07/201301/03/201401/11/201401/07/201501/03/201601/11/201601/07/201701/03/201801/11/201801/07/201901/03/202001/11/202001/07/202101/03/202201/11/202201/07/202301/03/202401/11/20241015202530354045-300-250-200-150-100-500501002010201220

6、1420162018202020222024US$/ozMozSurplus/DeficitSilver PriceFourth,successive,sizable deficitCumulative stock rundown of 678Moz in four years.Market fundamentals have been healthy for some timeThe fourth successive,and sizable deficitCumulative stock change,since 2010Source:Metals Focus-500-400-300-20