Silver Supply-Demand Balance Model: Quantifying the 2026-2030 Deficit Path

This report models the silver market balance year by year from 2026 to 2030. It builds mine and recycling supply against demand from photovoltaics, electronics, and electrification, derives the cumulative deficit, and tracks the drawdown of exchange and vault inventories that ultimately constrains the market. The implied price path follows from the inventory-to-demand arithmetic rather than from sentiment.