According to the Silver Institute’s 2024 World Silver Survey, silver demand exceeded supply in 2023 for the fifth consecutive year. The deficit reached 142 million ounces and is projected to nearly double to 265 million ounces in 2024. The supply shortage is evident in declining COMEX vault inventories, which have fallen from 400 million ounces in early 2021 to just over 291 million ounces. Inventory in the LBMA vaults has also declined significantly. Despite rising silver prices, iShares Silver Trust ETF (SLV) shares outstanding have fallen, raising concerns about potential double counting of inventory. Experts predict that the silver deficit will drive prices higher and draw silver out of private hoards.