Agreed. Different but potentially both at play here.
Industrial Demand = mints needing silver for coinage. If they can not find it at “average world price” in sufficient quantity based on rising prices then their industrial demand for silver at real world price is more than supply at real world value.
Speculative demand = investors speculating on inflation or even preppers wanting physical silver for barter. This speculation, if it continues at current levels, could drive the price of silver above the price point for the mints.
That in turn could impact supply of minted coinage and/or bullion, which would cause greater demand than supply. Also short term shortages may exist in supply based on unforecasted demand based on current economic environment. More people buying silver than anticipated.