Precious Metals
June 10, 2025
2 min
Precious Metals
The global silver market is on track for a 117.7 million ounce (Moz) deficit this year, according to data from the World Silver Survey 2025, visualized in our latest infographic. This marks a significant period of market tightness. While robust demand (detailed in our main analysis here) tells one side of the story, a closer look at the supply landscape reveals critical, contrasting trends shaping silver's availability in 2025.
Mine Production: A Long-Term Contraction
Global silver mines are projected to yield 835 Moz in 2025. This output signifies a 7.23% decrease compared to 2016 levels, based on World Silver Survey 2025 data. Such a long-term decline in primary silver supply points to persistent challenges within the mining sector.
Industry analyses, including reports like the World Silver Survey, indicate these can stem from factors such as the maturation of major orebodies, shifting capital investment cycles, the extended timelines required for new mine development, fluctuating operational costs, and evolving regulatory environments in key silver-producing nations. This decrease from mining operations is a crucial factor in this year's overall market deficit.
Recycling Ramps Up, Offering Partial Relief
In contrast to falling mine output, silver recycling is experiencing a significant uptick. Projections from the World Silver Survey 2025 data show an anticipated 195 Moz from secondary sources in 2025, a notable increase of 24.06%. This rise in recycled volumes is often linked to improved efficiencies in collecting and processing end-of-life silver-bearing products, particularly industrial and electronic scrap. Supportive silver prices can also incentivize the flow of materials back into the supply chain. While this growth in recycling provides an important contribution, its overall volume is still considerably smaller than primary mine production.
The Bottom Line: A Persistent Market Imbalance
Despite the commendable growth in recycling, the increase from these secondary sources is not projected to fully offset the decrease in mine production and meet total global demand. The interplay of these supply dynamics—reduced primary output and increased, yet insufficient, recycling—is a key reason for the forecast market deficit in 2025.
Sponsored by:
Eloro Resources Ltd. is a mineral exploration company advancing a world-class silver and tin project in Bolivia’s historic Potosí Department. Its flagship asset, the Iska Iska Project, ranks among the top five undeveloped global resources in terms of scale for both tin and silver.
This significant grassroots discovery remains open in multiple directions, offering substantial potential for continued expansion and resource enhancement. Iska Iska benefits from strong infrastructure access and a deeply rooted presence in Bolivia, supported by an experienced management team and meaningful community engagement.
Eloro’s strategy is focused on resource growth, strategic partnerships, and establishing a leading position within the global mining sector.
Learn more at elororesources.com.
Sources: World Silver Survey 2025, published by The Silver Institute. Infographic by MiningVisuals.
Disclaimer: This analysis is based on data and projections sourced from the World Silver Survey 2025. While we believe the information to be reliable, we do not guarantee its accuracy or completeness. The views and forecasts expressed are subject to change without notice. This article is intended for general informational purposes and does not constitute financial or investment advice. Market conditions, including supply, demand, and prices, can fluctuate.
Explore More
View All
Seven Events That Shaped a Century of Gold Prices
Seven Events That Shaped a Century of Gold Prices
In 1934, the US government set the price of gold at $35 an ounce. In September 2026, the market price averaged $4,319. Measured in today's money, gold has done more than keep up with rising prices. An ounce is now worth almost five times what it was when the price was set in 1934, and more than at the famous 1980 peak. For the companies that mine it, that has meant record margins.
The World's 20 Largest Primary Silver Mines by 2025 Output
The World's 20 Largest Primary Silver Mines by 2025 Output
The largest silver producer among the world's primary silver mines in 2025 sat not in Mexico but in southwestern Bolivia. San Cristóbal, a large open-pit silver-zinc-lead mine run by Minera San Cristóbal, produced 17.6 million ounces of silver, narrowly ahead of Mexico's Juanicipio at the same rounded figure, in new Metals Focus data on the 20 largest primary silver mines. These are the operations where silver is a defining product rather than an incidental byproduct of lead, zinc and gold. The list runs from centuries-old mines in Mexico's silver belt to remote sites in the Andes, the Australian outback and the Alaskan wilderness. Eight of the 20 sit in Mexico, together about 44% of the total, while the rest are spread across the Americas, Asia, Africa and Australia.
Central Banks Have Been Net Gold Buyers Since 2010, After Two Decades of Net Selling
Central Banks Have Been Net Gold Buyers Since 2010, After Two Decades of Net Selling
Central banks bought more gold between April and June 2026 than in any second quarter on record, according to a World Gold Council report published on July 30. That keeps them net buyers this year, as they have been every year since 2010. Underneath, the picture is changing. Russia and Türkiye, both big buyers in the past, have been selling.
Gold Mines in West Africa: Two Billion Years in the Making
Gold Mines in West Africa: Two Billion Years in the Making
The nine West African countries with significant reported output produced about 15% of the world's mined gold in 2025, according to Metals Focus and World Gold Council data. Almost every mine on the map above was built in the past 25 years, and four more reached production in the last eighteen months: Lafigué in Côte d'Ivoire in June 2024, Kiaka in Burkina Faso in June 2025, Ahafo North in Ghana in October 2025 and Kiniero in Guinea in December 2025.
