Silver market deficit to continue throughout 2026, says Fitch’s BMI

Although gold outperformed most commodities in 2025, it underperformed fellow precious metals silver and platinum, which gained 143% and 137%, respectively.

Throughout 2025, industrial and retail demand for silver pushed prices towards $80/oz for the first time in history. Inflows into silver ETFs have surged, while demand from solar panels and EVs has tightened the physical market to an unprecedented degree.

BMI, a unit of Fitch Solutions, sees the deficit in the global silver market continuing throughout 2026...