Fresh data shared by analyst Lukas Ekwueme shows that silver coin and bar demand could rise another 18% in 2026 after already increasing strongly in 2025. The numbers in the latest Silver Institute data reveal a market that may be entering another important phase after years of supply deficits.
Silver Coin And Bar Demand Continues Recovering After 2024 Weakness
The chart shared by Lukas Ekwueme shows that silver coin and bar demand dropped heavily after peaking at 340 million ounces in 2022. Demand later fell to 244 million ounces in 2023 and then dropped again to 191 million ounces in 2024.
That decline now appears to be reversing. Silver demand is projected to climb from 191 million ounces in 2024 to 218 million ounces in 2025. Another rise toward 258 million ounces is expected in 2026. That would mark an 18% increase within a single year.
Silver coin and bar demand is rising again– 2024: 191mt
– 2025: 218mt up 14%
– 2026: 258mt up 18%Meanwhile:
– silver is in a deficit for 6 consecutive years
– China is draining global silver inventories
– silver supply peaked in 2016Ignore short-term volatility. Over the… pic.twitter.com/Ql6LYO4tLY
— Lukas Ekwueme (@ekwufinance) May 22, 2026
The data also shows something important beneath the surface. Physical silver demand has remained surprisingly resilient despite weakness in some major markets. Indian investment demand reportedly jumped 33% during the recovery phase. European buying activity also improved as policy uncertainty pushed more investors toward hard assets.
Lukas Ekwueme pointed toward another factor that deserves attention. Silver has now remained in a supply deficit for 6 consecutive years. That means global demand has continued exceeding newly mined supply and available inventories for a prolonged period.
Those trends matter because persistent deficits can eventually pressure prices higher when physical demand continues rising.
Silver Price Structure Continues Respecting Major Ascending Trendline
Silver price has continued respecting a rising ascending trendline during every major correction phase. Each selloff eventually found support near that structure before buyers stepped back into the market.
The first major rebound from that trendline came near $48. Another strong reaction later appeared around $61. The latest bounce happened close to $71 before silver price recovered back toward the current $75 area.
That repeated defense of higher support zones may matter more than short term volatility.
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Every rebound has happened at a higher level than the previous one. That usually shows that buyers are willing to accumulate silver at increasingly expensive prices over time. The pattern also shows that bearish pressure has failed to break the broader structure despite multiple pullbacks.
Silver price now remains close to an important zone. A continued hold above the ascending support structure could keep the broader bullish setup intact. Another successful defense near the trendline may open the door toward another push higher if physical demand projections continue improving through 2026.
