Not the kind of shortage where shelves go empty, but yes, a real structural one. The Silver Institute expects 2026 to be the sixth consecutive year the silver market runs a deficit, with demand outrunning mine output plus recycling.
Roughly 70–80% of the world’s silver supply comes as a byproduct of mining copper, lead, and zinc, so production can’t quickly ramp up when prices spike. Above-ground stockpiles that once buffered the market have largely been drawn down.
Prices reflected this: silver reached an all-time high of $121.62 per ounce in January 2026 before pulling back. So it’s not “no silver anywhere,” it’s a persistent gap between supply and demand that keeps thinning available metal.