Silver's Sixth Straight Deficit Tightens Buffer, Eyes $81/oz Rally

Silver braces for its sixth consecutive structural deficit in 2026, with a projected 46.3 million-ounce shortfall and above-ground inventories depleted 762 million ounces since 2021. This thinner physical market heightens upside price risks, as J.P. Morgan forecasts an $81/oz average amid resilient investment demand offsetting softer industrial use. Coverage progression spotlights bullish plays like First Majestic Silver (13.0–14.4 Moz guidance at $26.15–$27.91/oz AISC) and Wheaton Precious Metals (27–29 Moz 2026 guidance), warning of macro volatility from rates and dollar strength.