Silver Spot commodity fundamentals
The physical economy
Where precious metal meets industry
Silver serves both manufacturing and physical investment. Its supply also depends on mining other metals, because much silver is recovered as a by-product.
Explore the source ↗2025 · share of estimated US silver end uses
Electronics
25%Electrical connections and components use silver's conductivity.
Solar power
15%Photovoltaic cells use silver; changes in silver per cell can alter demand.
Brazing & solder
3%Joining metals supports manufacturing and engineering.
Jewellery & savings
38%Silverware, jewellery, coins and bars create a separate demand channel.
United States only. Jewellery & savings combines jewellery/silverware, coins/medals and investment bars. Other industrial uses and photography make up the remainder. This is not the global demand mix.
Source: USGS ↗Full available history is shown by default. Older monthly and weekly observations are sampled at quarter-end to keep long-term charts light. Each metric starts when its own source data begins.
World · annual
World mine production
Measured in metric tonnes: one tonne is 1,000 kilograms. This covers newly mined metal; recycled metal and existing stockpiles are separate. Country shares show where mine supply originates.
USGS Mineral Commodity Summaries 2026; 2025 estimates and revised 2024 output. Mine supply excludes recycled metal. Earlier history comes from USGS Minerals Yearbooks and Data Series 140 where available; latest overlapping estimates take precedence.
Explore reported values 126 observations
| Period | Value | Status |
|---|---|---|
| 2025 | 26,000 | estimate |
| 2024 | 25,300 | estimate |
| 2023 | 25,500 | actual |
| 2022 | 25,500 | actual |
| 2021 | 26,000 | actual |
| 2020 | 24,300 | actual |
| 2019 | 26,400 | actual |
| 2018 | 27,000 | actual |
| 2017 | 27,300 | actual |
| 2016 | 28,100 | actual |
| 2015 | 27,600 | actual |
| 2014 | 28,000 | actual |
| 2013 | 26,700 | estimate |
| 2012 | 24,300 | estimate |
| 2011 | 23,300 | estimate |
| 2010 | 23,300 | estimate |
| 2009 | 22,300 | estimate |
| 2008 | 21,300 | estimate |
| 2007 | 20,800 | estimate |
| 2006 | 20,100 | estimate |
| 2005 | 20,800 | estimate |
| 2004 | 20,000 | estimate |
| 2003 | 18,800 | estimate |
| 2002 | 18,800 | estimate |
| 2001 | 18,700 | estimate |
| 2000 | 18,100 | estimate |
| 1999 | 17,600 | estimate |
| 1998 | 17,200 | estimate |
| 1997 | 16,500 | estimate |
| 1996 | 15,100 | estimate |
| 1995 | 14,900 | estimate |
| 1994 | 14,000 | estimate |
| 1993 | 14,100 | estimate |
| 1992 | 14,900 | estimate |
| 1991 | 15,600 | estimate |
| 1990 | 16,600 | estimate |
| 1989 | 16,400 | estimate |
| 1988 | 15,500 | estimate |
| 1987 | 14,000 | estimate |
| 1986 | 13,000 | estimate |
| 1985 | 13,100 | estimate |
| 1984 | 13,100 | estimate |
| 1983 | 12,100 | estimate |
| 1982 | 11,500 | estimate |
| 1981 | 11,200 | estimate |
| 1980 | 10,700 | estimate |
| 1979 | 10,800 | estimate |
| 1978 | 10,700 | estimate |
| 1977 | 10,300 | estimate |
| 1976 | 9,840 | estimate |
| 1975 | 9,430 | estimate |
| 1974 | 9,260 | estimate |
| 1973 | 9,700 | estimate |
| 1972 | 9,380 | estimate |
| 1971 | 9,170 | estimate |
| 1970 | 9,360 | estimate |
| 1969 | 9,200 | estimate |
| 1968 | 8,560 | estimate |
| 1967 | 8,030 | estimate |
| 1966 | 8,300 | estimate |
| 1965 | 8,010 | estimate |
| 1964 | 7,730 | estimate |
| 1963 | 7,780 | estimate |
| 1962 | 7,650 | estimate |
| 1961 | 7,370 | estimate |
| 1960 | 7,320 | estimate |
| 1959 | 6,910 | estimate |
| 1958 | 7,430 | estimate |
| 1957 | 7,190 | estimate |
| 1956 | 7,020 | estimate |
| 1955 | 7,000 | estimate |
| 1954 | 6,670 | estimate |
| 1953 | 6,900 | estimate |
| 1952 | 6,700 | estimate |
| 1951 | 6,210 | estimate |
| 1950 | 6,320 | estimate |
| 1949 | 5,570 | estimate |
| 1948 | 5,440 | estimate |
| 1947 | 5,220 | estimate |
| 1946 | 3,970 | estimate |
| 1945 | 5,040 | estimate |
| 1944 | 5,740 | estimate |
| 1943 | 6,380 | estimate |
| 1942 | 7,780 | estimate |
| 1941 | 8,140 | estimate |
| 1940 | 8,570 | estimate |
| 1939 | 8,300 | estimate |
| 1938 | 8,320 | estimate |
| 1937 | 8,640 | estimate |
| 1936 | 7,920 | estimate |
| 1935 | 6,890 | estimate |
| 1934 | 5,990 | estimate |
| 1933 | 5,340 | estimate |
| 1932 | 5,130 | estimate |
| 1931 | 6,080 | estimate |
| 1930 | 7,740 | estimate |
| 1929 | 8,120 | estimate |
| 1928 | 8,020 | estimate |
| 1927 | 7,900 | estimate |
| 1926 | 7,890 | estimate |
| 1925 | 7,650 | estimate |
| 1924 | 7,450 | estimate |
| 1923 | 7,650 | estimate |
| 1922 | 6,530 | estimate |
| 1921 | 5,330 | estimate |
| 1920 | 5,390 | estimate |
| 1919 | 5,490 | estimate |
| 1918 | 6,140 | estimate |
| 1917 | 5,420 | estimate |
| 1916 | 5,250 | estimate |
| 1915 | 5,730 | estimate |
| 1914 | 5,240 | estimate |
| 1913 | 7,010 | estimate |
| 1912 | 6,980 | estimate |
| 1911 | 7,040 | estimate |
| 1910 | 6,900 | estimate |
| 1909 | 6,600 | estimate |
| 1908 | 6,320 | estimate |
| 1907 | 5,730 | estimate |
| 1906 | 5,130 | estimate |
| 1905 | 5,360 | estimate |
| 1904 | 5,110 | estimate |
| 1903 | 5,220 | estimate |
| 1902 | 5,060 | estimate |
| 1901 | 5,380 | estimate |
| 1900 | 5,400 | estimate |
Production concentration
Mining around the world
- Mexico24.2%
- Peru13.85%
- China13.08%
- Bolivia5.77%
- Chile5.38%
- Poland5%
- Russia4.62%
- United States4.23%
- Australia3.85%
- Argentina3.08%
- Other16.92%
Other is the reported world total less the displayed countries; totals may be rounded. tonnes; 2025.
01 · Supply
What brings it to market?
Copper, lead-zinc and gold mining affect by-product silver output; recycling supplies additional metal.
02 · Demand
What creates demand?
Industrial activity and technology choices matter alongside jewellery and investor purchases.
03 · Stocks
What is already available?
Reported Treasury stocks are US holdings. There is no complete worldwide above-ground stock total in this dataset.
United States · estimated end uses
Where silver is used
Industry, energy technology and physical savings share the same metal. This breakdown covers US use; it is not a global demand split.
USGS Mineral Commodity Summaries · Each year's shares total 100%. Solar is a separate category. Earlier reports used different categories, so comparable history starts in 2022.
Economically recoverable · estimates
Silver reserves by country
- 01Peru110,000 tonnes2025-12 · estimate
- 02Russia92,000 tonnes2025-12 · estimate
- 03Australia91,000 tonnes2025-12 · estimate
- 04China67,000 tonnes2025-12 · estimate
- 05Poland59,000 tonnes2025-12 · estimate
- 06Mexico37,000 tonnes2025-12 · estimate
- 07Chile33,000 tonnes2025-12 · estimate
- 08United States23,000 tonnes2025-12 · estimate
- 09Bolivia22,000 tonnes2025-12 · estimate
- 10India8,000 tonnes2025-12 · estimate
- 11Argentina6,500 tonnes2025-12 · estimate
- 12Canada4,900 tonnes2025-12 · estimate
Source: USGS. Latest reported period is shown for each entry.
Reserves are a changing estimate.
They describe deposits considered economically recoverable under current conditions. Discoveries, prices, costs and technology can all change the estimate.
They are not the total amount of metal underground. Broader resources and undiscovered deposits are different concepts.
Underground reserves ≠ metal ready to sellMore supply and inventory indicators 3 series
US · annual
US Treasury metal stocks
An amount held at year-end, not annual production or purchases. These holdings do not represent total worldwide above-ground stocks.
USGS 2026 report. US quantities only; these are not worldwide stocks or recycling totals.
Explore reported values 5 observations
| Period | Value | Status |
|---|---|---|
| 2025 | 498 | estimate |
| 2024 | 498 | estimate |
| 2023 | 498 | estimate |
| 2022 | 498 | estimate |
| 2021 | 498 | estimate |
World · annual
Recoverable underground reserves
Reserves are the economically extractable portion of identified deposits. They change with prices, technology and discoveries. They are not all metal underground or a countdown to exhaustion.
More history is needed for a chart.
2026 report reserve estimate. Reserves change with prices, discoveries and technology; they are not all metal underground or a depletion countdown.
Explore reported values 1 observations
| Period | Value | Status |
|---|---|---|
| 2025 | 610,000 | estimate |
US · annual
US recycled supply
Recycling returns previously processed metal to supply. This US series is separate from world mine output and is not the global recycling total.
USGS 2026 report. US quantities only; these are not worldwide stocks or recycling totals.
Explore reported values 5 observations
| Period | Value | Status |
|---|---|---|
| 2025 | 1,000 | estimate |
| 2024 | 955 | estimate |
| 2023 | 1,150 | estimate |
| 2022 | 1,090 | estimate |
| 2021 | 908 | estimate |
Sources, coverage & methodology
Charts retain each source's full available time span. Oil charts use one last-available observation per completed calendar quarter throughout, including forecast quarters; these are samples, not quarterly averages. Incomplete latest quarters are excluded from charts; Headline figures keep the latest historical source value and date. Metal annual series keep every year. Older metal monthly/weekly observations are sampled at quarter-end; recent observations use monthly samples and the latest year of weekly data where applicable. Samples retain original dates and values; no averaging or extrapolation. Forecasts remain separate from reported history. Country output: top 10 plus Other for the latest 15 years. Official gold holdings: largest 13 available countries, year-end history plus the latest 12 months. Full source observations retained in the warehouse.
Each metric retains its own observation date, geography, unit and publication status. Monthly refresh does not imply that all source observations are monthly. Forecasts are not realized data.
- USGS · United States only Source history from 2021-12-31
Understanding the physical market
Silver fundamentals: questions answered
Why is silver both an industrial and a precious metal?
Silver is used in electrical components, solar cells, brazing and other manufacturing processes, alongside jewellery, coins and bars. Industrial activity and demand for physical investment can therefore affect the same metal.
Are the silver-use percentages global?
No. The use cards and composition chart describe estimated United States end uses. Jewellery and savings combines jewellery and silverware, coins and medals, and investment bars. Other industrial uses and photography account for the remaining share.
How does solar power affect silver demand?
Photovoltaic cells use silver. Demand depends on both the number of cells produced and the amount of silver used per cell. Growing solar output does not imply an identical increase in silver consumption if manufacturers reduce silver intensity.
Why can silver supply depend on other metals?
Silver is also recovered as a by-product of mining other metals. New silver supply can therefore depend on the economics and production decisions of those mines, as well as dedicated silver mining and recycling.
How far back does the silver data go?
The earliest displayed source coverage begins in 1900. Start dates differ by metric; one indicator’s coverage does not apply to every chart. Full available history is the default view, with shorter views available from the History selector.
How often are these fundamentals updated?
iPulse AI refreshes these fundamentals monthly. Source releases may be annual, monthly or weekly, so each record keeps its own observation date and publication status. A refresh date does not mean every underlying observation is new.
Do these charts track the commodity price?
These charts focus on physical fundamentals such as mine output, economically recoverable reserves, reported holdings and selected uses. Quantities and percentages retain their source units; they are different from the market price shown elsewhere on the asset page.
How should estimates, forecasts and revisions be read?
Reported estimates can be revised as sources obtain better information. Forecasts, where available, are shown separately with dashed chart segments and are not realized outcomes. Missing observations are not converted to zero, and each metric retains its source and scope.