Fed official Schmid says materials and labor costs could exacerbate housing affordability pressures.

Silver market expected to record a sixth consecutive annual supply deficit in 2026, despite overall demand from manufacturing, jewelry and investment bars/coins falling about 5% to 1.08 bln oz — roughly 35 mln oz above combined mine and recycling supply. Elevated prices have prompted substitution and reduced silver use by jewelers and manufacturers; photovoltaic silver demand is set to plunge about 21% this year. Metals Focus managing director Newman says PV demand has likely peaked and will soften further, though it remains a meaningful component for several years. BMO analysts call the market at an inflection point: PV accounted for roughly 55% of incremental silver demand over the past five years, but slower installations and efficiency gains could erase about half of that gain by 2030, shifting PV from primary growth driver to a clear drag. BMO warns conventional shortage metrics can mislead and prefers comparing supply to manufacturers’ and jewelers’ actual consumption, and expects a widening surplus that must be absorbed by investors. Newman expects non-solar industrial silver use to rise about 4.5% this year and notes institutional holdings are low, leaving room for investors to rebuild positions if sentiment improves.

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