For the Quarter Ending September 2025
North America
• In United States, the Silver Price Index rose quarter-over-quarter in Q3 2025, driven by inflation hedging and robust consumer spending.
• Silver production costs faced upward pressure from rising producer prices (2.6% in August 2025), despite easing natural gas costs.
• Industrial Silver demand was tempered by very slow industrial production growth of 0.1% in September 2025.
• Strengthened automotive demand from July through September 2025 positively impacted Silver consumption in the sector.
• Electronics end markets performed well in 2025, contributing to sustained Silver demand in this key application.
• Robust retail sales, up 5.42% in September 2025, supported Silver demand in jewelry and consumer electronics.
• A healthy unemployment rate of 4.3% in September 2025 bolstered consumer purchasing power for discretionary Silver items.
• Weakening consumer confidence (94.2 index in September 2025) introduced caution for the future Silver demand outlook.
Why did the price of Silver change in September 2025 in North America?
• Rising consumer prices (CPI 3.0% in September 2025) increased Silver's appeal as an inflation hedge.
• Robust retail sales (5.42% in September 2025) and strengthened automotive demand supported Silver consumption.
• Production costs faced upward pressure from producer price increases (2.6% in August 2025) despite easing natural gas.
APAC
• In China, the Silver Price Index fell quarter-over-quarter in Q3 2025, influenced by deflation and contracting manufacturing.
• Silver demand outlook was bearish from -0.3% CPI YoY September 2025, indicating weak consumer spending.
• Industrial silver demand faced headwinds from -2.3% PPI YoY September 2025, reflecting weak pricing.
• Manufacturing Index contracted September 2025, suggesting reduced industrial activity and lower material consumption.
• Industrial production grew 6.5% YoY September 2025, offering some support for industrial silver demand.
• Retail sales increased 3.0% YoY September 2025, providing bullish signal for consumer-driven silver demand.
• Consumer confidence remained pessimistic at 89.6 September 2025, dampening spending and silver investment.
• Silver production cost trends are inferred stable to slightly lower, given declining PPI in September 2025.
• The Silver Price Forecast remains cautious, influenced by mixed macroeconomic signals and weak consumer sentiment.
Why did the price of Silver change in September 2025 in APAC?
• Deflationary CPI (-0.3% in September 2025) reduced silver's inflation hedge appeal, dampening consumer demand.
• Contracting Manufacturing Index (September 2025) indicated slower industrial activity, decreasing silver demand.
• Pessimistic consumer confidence (89.6 in September 2025) curbed discretionary spending and silver investment.
Europe
• In Germany, the Silver Price Index fell quarter-over-quarter, driven by weak industrial demand and contracting manufacturing activity in Q3 2025.
• Silver production costs trended lower, influenced by a 1.7% decline in the Producer Price Index in September 2025.
• Industrial demand for Silver weakened significantly due to a 1.0% decline in industrial production in September 2025.
• The Manufacturing Index contracting in Q3 2025 indicated reduced industrial activity, negatively impacting Silver consumption.
• Inflation, with CPI at 2.4% in September 2025, offered some support for Silver as an investment hedge.
• Germany's net exports weakened in Q3 2025, contributing to subdued market conditions for industrial commodities.
• Persistent overcapacity in the chemical industry in Q3 2025 reflected broader industrial challenges impacting Silver demand.
• A stable unemployment rate of 6.3% in September 2025 suggested cautious consumer spending, limiting discretionary Silver purchases.
Why did the price of Silver change in September 2025 in Europe?
• Weak industrial demand, evidenced by a 1.0% decline in industrial production in September 2025, reduced consumption.
• Contracting manufacturing activity in Q3 2025, indicated by the Manufacturing Index, suppressed industrial applications.
• Lower production costs, driven by a 1.7% decline in the Producer Price Index in September 2025, contributed to downward price pressure.
