Silver: Demand & Supply

If we go by this chart, looks like lot of specualatlion on Silver. The Supply Demand Deficit has been coming down since 2022 from 249 mn ounces to 117.7 for 2025,the prices have doubled int he last one year.. Ideally the price should have shot up in 2022 or 2023, but the price is galloping now when the defecit between Supply and Demand is narrowing down. So seems to be lot of speculative hoarding..
The key difference between Gold and Silver is
a. While GOld is pure Ornament, Hedging investment, as far as Silver – close to 50% of demand is pure Industrial demand.
b. Are we getting into scenario where based on the synthetic price increase on account of hoarding & countries may start prioritising Silver availability to industrial use compared to Investment purpose.