Total global silver demand in 2022 came in at a record 1.242 billion ounces. This represented an 18% increase in silver demand over 2021. Net physical silver investment rose for a fifth consecutive year to a new high of 332.9 million ounces. Silver investment in India charted a staggering 188% increase over 2021 with lower prices and bargain hunting driving demand higher. There was modest demand growth in the US despite ongoing supply shortages that drove premiums exceptionally high – especially on American Silver Eagle coins. Industrial demand posted a record of 556.5 million ounces in 2022. Green energy initiatives helped drive industrial offtake higher. Photovoltaics (PV) alone consumed 140.3 million ounces of silver.