Silver - Global Demand & Supply - An Overview
The global silver market is currently defined by a significant structural shift. For the past few years, the world has been in a physical silver deficit , meaning the total demand for silver is outstripping the total supply. Here is a comprehensive breakdown of the production and consumption of silver worldwide, based on data from the Silver Institute and World Silver Survey. 1. Global Silver Supply (Production) Total global silver supply hovers around 1 billion ounces (Moz) annually. A. Mine Production (approx. 820–830 Moz) Surprisingly, most silver is not mined directly. Only about 28% of silver comes from "primary" silver mines. The remaining 72% is a by-product of mining other metals: Lead/Zinc mines: 30% Copper mines: 25% Gold mines: 16% Top Silver Producing Countries (2023/2024): Mexico: The world’s largest producer (home to Fresnillo, the world’s largest silver miner). China: A major producer and the world's largest consumer. Peru: Historically #2, thoug...