The global silver market is projected to experience its fourth consecutive year of physical supply deficit in 2024, according to a report from the Silver Institute. The report forecasts a 1% year-over-year increase in total silver demand, reaching a new record high of 1.21 billion ounces. Industrial applications, particularly in the green economy and automotive sectors, are expected to be the primary drivers of this demand growth. Silver jewelry and silverware fabrication are also projected to see solid gains. On the supply side, global silver mine production is expected to rise by just 1% in 2024, while silver recycling is forecast to grow 5% to a 12-year high. The result will be a physical market deficit of 182 million ounces in 2024, little changed from the previous year.