(Schiff)—Industrial demand for silver is expected to set a record in 2023.
According to a forecast by Metal’s Focus in conjunction with the Silver Institute, industrial silver demand is on pace to rise by 8% to a record 632 million ounces. Investment in photovoltaics, power grid, and 5G networks, along with growth in consumer electronics and rising vehicle output are key drivers behind the elevated industrial demand.
Industrial demand accounts for more than half of the total silver demand each year.
According to a separate report, industrial demand for silver is forecast to increase by 46% over the next decade. This reflects a projected rapid 56% growth in the output of the electronics industry.
Manufacturers of electronics and electrical applications are the major purchasers of industrial silver. In 2022, these industries consumed 371.5 million ounces of silver, 67% of the industrial offtake. According to the Silver Institute, the use of silver in solar energy and electric vehicles will help lead this category forward. A recent research paper by scientists at the University of New South Wales projects that solar manufacturers will likely require over 20% of the current annual silver supply by 2027, and by 2050, solar panel production will use approximately 85–98% of the current global silver reserves.
According to the Silver Institute, losses in all other key segments of demand will offset growth in industrial applications. As a result, total silver demand is expected to slow by about 10% this year after setting records in every category in 2022. Nevertheless, the institute still forecasts total silver demand will come in at 1.14 billion ounces, the second-strongest offtake on record.
Silver jewelry and silverware demand is set to fall by 22% and 47%, respectively. A drop in Indian demand will drive the decline as it normalizes after a big surge in 2022.
Physical silver investment is projected to fall by 21% to a three-year low of 263 million ounces. The Silver Institute says most markets have seen lower volumes, but demand has been particularly weak in India and Germany. Record high silver prices in rupee terms both deterred new investor purchases and led to profit-taking in India. Demand for silver coins in Germany took a hit due to an increased VAT tax levied at the beginning of the year.
Overall investment demand will remain historically high in 2023 thanks to a big boost in US safe haven demand during the banking crisis last spring.
On the supply side, mine output is expected to modestly fall by 2%. That follows on the heels of a 0.6% decline in silver production in 2022.
Despite slightly weaker demand, the Silver Institute projects another sizeable physical deficit of 140 million ounces in 2023. It will be the third deficit in a row. The Silver Institute called last year’s shortfall “possibly the most significant deficit on record.” It also noted that “the combined shortfalls of the previous two years comfortably offset the cumulative surpluses of the last 11 years.”
According to the Silver Institute, “The deficit will persist in the silver market for the foreseeable future.”
The price of silver does not reflect the current supply and demand dynamics. In fact, silver is significantly undervalued right now. One analyst called the current price in the $23 an ounce range “inexcusably low.”
It’s important to keep in mind that while silver is an industrial metal, more fundamentally, it is money. Despite being more volatile in the short term, silver tends to track with gold over time. If you are inclined to think the Federal Reserve will lose the inflation fight, you should be bullish on both gold and silver.
At some point, investors will have to reckon with the shrinking supply of silver coupled with rising demand, along with the Fed’s inability to bring inflation back to its 2% target. When that happens, the price of silver will likely take off.
Given the supply and demand dynamics, the skewed silver-gold ratio, and the likelihood that the Fed will not beat price inflation, $22 to $23 silver looks like a great buying opportunity.
Three Reasons a Coffee Gift Set From This Christian Company Is Perfect for Christmas
When you’re searching for a Christmas gift that’s meaningful, useful, and rooted in faith, you don’t want to settle for anything generic. This season is filled with noise — mass-produced products, last-minute picks, and trends that fade as quickly as they appear. But one gift stands apart because it blends genuine quality with a message that matters: a coffee gift set from Promised Grounds Coffee.
This small Christian-owned company has become a favorite among believers who want to support faith-driven businesses while giving friends and family something they’ll actually enjoy. Here are three reasons a Promised Grounds Coffee gift set may be the most thoughtful and impactful present you give this year.
1. It’s Truly Delicious Coffee
Too many “gift-worthy” coffees look beautiful in the package but disappoint when the cup is poured. Promised Grounds takes the opposite approach — exceptional taste first, thoughtful presentation second.
Their beans are sourced with care, roasted in small batches, and crafted to bring out a rich, smooth flavor profile that appeals to both casual drinkers and true coffee lovers. Whether someone enjoys bold, dark roasts or lighter, more delicate blends, every sip reflects quality that stands shoulder-to-shoulder with the biggest specialty brands.
Simply put: this coffee is good. Really good. Some say it’s absolutely fantastic. If you want a gift that won’t be re-gifted, ignored, or shoved in a cabinet, this is it.
2. It Spreads the Word While Serving a Real Purpose
There are many Christian gifts that are meaningful… but not exactly practical. There are also useful gifts that have nothing to do with faith. Promised Grounds Coffee bridges both worlds beautifully.
Each gift set delivers an encouraging, faith-centered message through its packaging and presentation — a simple but powerful reminder of God’s goodness during the Christmas season. The cups are especially popular and serve as a daily reminder of the blessings from our Lord. At the same time, the product itself is something people will actually use and appreciate every single day.
It’s a gift that uplifts the spirit and fills the mug. A gift that points loved ones toward Scripture while still being part of the normal rhythm of life. And in a culture that increasingly pushes faith to the margins, giving a gift that quietly but confidently honors Christ can make a deeper impact than you might expect.
3. It’s Affordable, Valuable, and Elegantly Presented
Many people want to give something meaningful without breaking their Christmas budget. Promised Grounds Coffee strikes that perfect balance — the sets look and feel premium, but the price remains accessible.
The packaging is classy, clean, and gift-ready, making it ideal for:
- Family members of all ages
- Co-workers or employees
- Church friends or small-group leaders
- Hosts, neighbors, and last-minute gift needs
It’s the kind of gift that feels more expensive than it is — and more thoughtful than most of what you’ll find on store shelves.
The Perfect Blend of Faith, Flavor, and Christmas Cheer
A coffee gift set from Promised Grounds Coffee checks every box: a gift that tastes amazing, conveys your faith, supports a Christian business, and brings daily enjoyment to the person who receives it. In a season when so many gifts are forgotten, this one stands out for all the right reasons.
If you want a Christmas present that reflects your values and delivers genuine joy, Promised Grounds Coffee is the perfect place to start.
