Defense and aerospace silver consumption is real, growing, and entirely absent from the standard supply-demand models. Here is what the data actually shows. Silver's most cited supply-demand figures come from the Silver Institute's World Silver Survey, the industry's authoritative annual report. It breaks demand into solar, electronics, jewelry, silverware, photography, brazing alloys, and a handful of other categories. Defense and aerospace do not appear anywhere in it. That absence is not a rounding error. It is a structural gap in the most widely used data set in the silver market. With the Iran war putting ... (full story)