commodity

Silver

A precious metal that is now mostly an industrial one, used in solar panels and electronics. Most silver is a by-product of lead-zinc, copper and gold mining.

Figures checked Next check Feb 2027, after USGS Mineral Commodity Summaries 2027

Key figures

Each figure shows where it comes from and which year it describes.

~26,000 t

of silver was mined in 2025.

USGS Mineral Commodity Summaries 2026 · 2025 estimate

24%

of mined silver came from Mexico, about 6,300 t. Peru and China came next.

USGS Mineral Commodity Summaries 2026, our calculation · 2025 estimate

~35,700 t

of silver was consumed, more than was mined. Recycling and stocks cover the gap.

USGS Mineral Commodity Summaries 2026 · 2025 estimate

$38/oz

average silver price in 2025, up 34% on 2024.

USGS Mineral Commodity Summaries 2026 · 2025 estimate

Supply chain explainer

Interactive · 5 stages

Mined at 0.01%. Refined to 99.9%. Built in at 0.02%.

Five stages from silver-bearing ore to solar panels and electronics, with silver content and the record that moves at each handover.

  1. Mine10–500 g/t
  2. Concentrator500–5,000 g/t
  3. Smelter and refinery99.9–99.99%
  4. Manufacturer≈50–99.9%
  5. End customers≈0.01–0.05%

Update log

What changed on this page, and when.

  1. Scheduled

    Check production figures against USGS Mineral Commodity Summaries 2027.

  2. Published

    Page published with the supply chain explainer and key figures from USGS Mineral Commodity Summaries 2026.

Related

  • Guide · PDF by emailPilot to scale-up

    Why traceability rollouts stall after the pilot, the data blueprint, the first 90 days and a go-live checklist.

  • One-pager · ImageTraceability rollout in one page

    Sixteen steps from naming the scale-up budget holder to showing momentum in the first 90 days, on a single page.

Sources

  1. USGS Mineral Commodity Summaries 2026: Silver
  2. LBMA Responsible Sourcing

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