Ag — | Au —

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The Byproduct Problem

72% of the world's silver isn't mined for silver. It falls out of copper, lead-zinc, and gold operations that don't care what silver costs. Here's why that matters.

01

Where Silver Comes From

Global mine production: 819.7 Moz (2024)

Select a source to see details

72.2% Byproduct

If every primary silver mine shut down tomorrow, 72% of supply would continue unchanged.

02

The Price Disconnect

Silver production doesn't follow silver prices

900850800750700
$35$30$25$20$15
Production (Moz) ↑ Avg Price ($/oz) ↑
Mine Production Avg Price
Key Insight Production peaked in 2016 at ~900 Moz when silver was just $17/oz. Eight years and a 65% price increase later, production is down 9%.
03

Total Supply Picture

Mine production + recycling = total supply. It's still not enough.

819.7 Moz Mine Production
+
193.9 Moz Recycling
=
~1,014 Moz Total Supply
Supply: 1,014 Moz Demand: 1,163 Moz
1,014 Moz
-148.9 Moz
DEFICIT

Fourth consecutive year of deficit. Cumulative shortfall since 2021: 678 Moz — roughly 10 months of global mine production.

Where Recycled Silver Comes From

Industrial Scrap
109.9 Moz (57%)
Jewelry
36.4 Moz (19%)
Silverware
26.4 Moz (14%)
Photographic
16.7 Moz (9%)
Coin Scrap
4.4 Moz (2%)

The Bottom Line

Silver supply is controlled by copper, zinc, and gold miners who don't care what silver costs.

Rising silver prices cannot meaningfully increase production. The supply curve is nearly vertical.

Even a new mine discovery today wouldn't produce silver until the 2030s. Development takes 7-10 years.

Sources

World Silver Survey 2025 (Metals Focus / Silver Institute) · USGS Mineral Commodity Summaries 2025 · MINING.COM Top 20 Silver Mines (2024 data) · Newmont, KGHM, Fresnillo plc company reports