RESEARCH & INTELLIGENCE
A compact research desk with primary references, publication dates and the limits behind each observation.
RESEARCH NOTE / 01
The 2026 survey estimates 2025 total demand at 1.13 billion ounces and industrial demand at 657.4 million ounces, down 3%. Growth in one application can be outweighed by efficiency or substitution elsewhere. The survey is an annual research estimate, not an inventory or executable-price feed.
View source S1 ↓RESEARCH NOTE / 02
LBMA describes its silver auction benchmark as a once-daily London price in US dollars per troy ounce. Retail premiums, tax, delivery and spreads can create a different payable total. Benchmark use can also require licensing.
View source S2 ↓RESEARCH NOTE / 03
Precious metals are quoted in troy ounces. One troy ounce equals 31.1034768 grams under the LBMA definitions used in our planner. Gross weight and fine metal content are different when purity is below 100%.
View source S3 ↓Reviewed 13 November 2026. Undated pages are labelled as such; the review date is not their publication date.
15 April 2026
2025 estimates and 2026 outlook. Figures may be revised. Not a price forecast.
Undated; checked 13 November 2026
Benchmark timing and quotation conventions; no licensed price feed integrated.
Undated; checked 13 November 2026
Troy ounce conversion and wholesale bar specifications.
Undated; checked 13 November 2026
Vaulted silver service and cost education. Provider claims; not an endorsement.
Undated; checked 13 November 2026
Physical and financial silver services and PMXecute.
Undated; checked 13 November 2026
Custody, physical supply and execution services.
Undated; checked 13 November 2026
Physically backed digital silver. Product restrictions remain provider-specific.
Undated; checked 13 November 2026
Product breadth; no copied prices or tax assurances.
Undated; checked 13 November 2026
Benchmark governance and data licensing requirements.