WorldSilverSurvey2025

TheGlobalsource

u工SILVERINSTITUTE

TheGlobalsource

工USIVERINSTITUTE

MajorFundingCompaniesofTheSilverInstitute

AsahiRefining

CoeurMining,Inc.

EndeavourSilverCorp.

Fresnilloplc

GlencoreInternationalAG

HeclaMiningCompany

IndustriasPe?oles,S.A.B.deC.V.

PanAmericanSilverCorp.

SanCristobalMining

WheatonPreciousMetals

Front&BackCoverImages:CourtesyofMKSPAMP

WorldSilverSurvey2025

DearReader,

Overthepast35years,theSilverInstitute’sWorldSilverSurveyhasbeenareliablesourceofinformationabouttheglobalsilvermarket,widelyquotedandreferencedbyindustry,governments,media,andothers.

TheSurveyoffersmarketparticipantsandobserversawide-rangingoverviewattheinternationalsilvermarketduringthe

precedingyear,withanin-depthlookatthevariouscomponentsofsilverdemandandtheareasthatcontributetosupplyingthemarketwiththeindispensablepreciousmetal,silver.

Conductingresearchandproducingareportofthisscaletakesanexperiencedandknowledgeableteamofprofessionals.MetalsFocus,aleadingpreciousmetalsconsultancy,independentlyresearchedandproducedthisyear’seditionoftheWorldSilver

Survey;thisisthe6theditionMetalsFocushasproducedforus.MetalsFocushasover30staffandconsultantsineightlocationsworldwideandhashigh-levelcontactsinvirtuallyallaspectsofthesilverindustry.Theirteam’sbreadthanddepthmakethem

uniquelyqualifiedtoproducethisreport.

OneofmygoalsasChairistohighlightourmembers’commitmenttosustainability.Ourmembersstrategicallycontributeto

thewell-beingofpeoplethroughthesustainableminingofsilver,allthewhilecaringforouremployees,partneringwithour

communities,andprotectingtheenvironment.Laterthisyear,theSilverInstitutewillshareourcombinedeffortsbyreleasingavideoandothermaterialsonourcommitmenttosustainability.

Anothergoalistocontinuehighlightingsilverasanessentialandcriticalmetalforthefuture,especiallyingreenenergy

applications.Wewillcontinuetodrawattentiontosilver’simportantroleindecarbonization,health,waterpurificationandindustry.

Iwanttothankallourmembercompaniesandsponsorsofthe2025editionoftheWorldSilverSurveyfortheirfinancialsupport,whichmadethispublicationpossible.Wearegratefulforyourgenerosityandleadership.

Wehopethatyoufindthisreportbothenjoyableandbeneficial.

OctavioAlvidrez

ChairoftheSilverInstitute

ChiefExecutiveOfficerofFresnilloplc

WorldSilverSurvey2025

TheMajorSponsorsofWorldSilverSurvey2025

CoeurMining,Inc.

CoeurMining,IncisaU.S.-based,well-diversified,growingpreciousmetalsproducerwithfivewholly-ownedoperations:theLasChispassilver-goldmineinSonora,Mexico,thePalmarejogold-silvercomplexinChihuahua,Mexico,theRochestersilver-goldmineinNevada,theKensingtongoldmineinAlaskaandtheWharfgoldmineinSouthDakota.Inaddition,theCompanywholly-ownstheSilvertippolymetallicexplorationprojectinBritishColumbia.

Fresnilloplc

Fresnilloplcistheworld’slargestprimarysilverproducerandMexico’slargestgoldproducer,listedontheLondonandMexicanStockExchangesunderthesymbolFRES.Fresnilloplchaseightoperatingmines,alloftheminMexico-Fresnillo,Saucito,

Juanicipio,Ciénega,Herradura,Soledad-Dipolos1,NocheBuenaandSanJulián(VeinsandDisseminatedOreBody)andfouradvancedexplorationprojects-Orisyvo,Rodeo,GuanajuatoandTajitosaswellasanumberofotherlongtermexplorationprospects.FresnilloplchasminingconcessionsandexplorationprojectsinMexico,PeruandChile.Fresnilloplc’sgoalistomaintaintheGroup’spositionastheworld’slargestprimarysilvercompanyandMexico’slargestgoldproducer.

1OperationsatSoledad-Dipolosarecurrentlysuspended.

IndustriasPe?oles,S.A.B.deC.V.

Pe?olesisamininggroupwithintegratedoperationsinsmeltingandrefiningnon-ferrousmetals,andproducingchemicals.Pe?olesistheworld’stopproducerofrefinedsilver,metallicbismuthandsodiumsulfate,andtheleadingLatinAmericanproducerofrefinedgoldandlead.TheCompanywasfoundedin1887anditispartof“GrupoBAL”,aprivatelyhelddiversifiedgroupofindependent

Mexicancompanies.Pe?oles’shareshavetradedontheMexicanStockExchangesince1968underthetickerPE&OLES.Pe?oleshighlights:

?Beganoperationsin1887asaminingcompany.

?Hasintegratedoperationsintheareasofexploration,mining,metallurgyandchemicals.

?ListedontheMexicanStockExchangesince1968;thestockisincludedintheIPCindex.

?OneofthelargestnetexportersinMexico’sprivatesector.

WorldSilverSurvey2025

PanAmericanSilverCorp.

PanAmericanSilverisaleadingproducerofpreciousmetalswithadiversifiedportfolioofsilverandgoldmineslocatedacrosstheAmericas.Weprovideenhancedexposuretosilverthroughlargesilverreservesandresources,aswellascatalyststogrowsilverproduction.WehavebeenoperatingintheAmericasforoverthreedecades,earninganindustry-leadingreputationfor

sustainabilityperformance,operationalexcellenceandprudentfinancialmanagement.

NYSE:PAAS|TSX:PAAS

PANAMERICANSILVER.COM

TexasPreciousMetals

TexasPreciousMetalsDepositoryisoneofthelargestpreciousmetalsfacilitiesintheworld.The54,000-square-footfacilityholdsover100Mouncesofsilver–fullysegregated–forinstitutionalclients,custodians,andtheretailmarket.

Thecompany’sonlineretailplatform,,world-classdepository,andfulfillmentandlogisticsservicecenteraregloballyrecognizedfortheirspeedandattentiontocustomerservice.TexasPreciousMetalsoffersalineofcustom-mintedproductsunderthebrand,TexasMint,producingawidevarietyoflicensedproductsforTexasA&MUniversity,theProfessionalRodeoCowboysAssociation,andotherpartners.

WheatonPreciousMetals

WheatonPreciousMetalsistheworld’spremierpreciousmetalsstreamingcompanywiththehighest-qualityportfoliooflong-life,low-costassets.Itsbusinessmodeloffersinvestorscommoditypriceleverageandexplorationupsidebutwithamuchlowerrisk

profilethanatraditionalminingcompany.Wheatondeliversamongstthehighestcashoperatingmarginsintheminingindustry,

allowingittopayacompetitivedividendandcontinuetogrowthroughaccretiveacquisitions.Asaresult,Wheatonhasconsistentlyoutperformedgoldandsilver,aswellasothermininginvestments.Inaddition,thecompanyiscommittedtopromotingresponsibleminingpracticesandgivingbacktothecommunitieswhereWheatonanditsminingpartnersoperate.Wheatoncreatessustainablevaluethroughstreaming.

NYSE:WPM|TSX:WPM|LSE:WPM

info@

WorldSilverSurvey2025

WorldSilverSurvey2025hasalsobeenkindlysupportedbythefollowingcompanies

SPONSORS

DillonGage

EndeavourSilverCorp.

GLENCORE

GlencoreInternationalAG

KGHMPolskaMied?S.A.

HeclaMiningCompany

MKSPAMP

MKSPAMP

HeraeusMetalsNewYorkLLC

SilvercorpMetalsInc.

Sprott

TDSecurities

CONTRIBUTORS

AsahiRefining

CIBCCapitalMarkets

InternationalDepositoryServicesGroup

MAGSilver

TanakaPreciousMetalTechnologiesCo.,Ltd.

Valcambisa

WorldSilverSurvey2025

TheWorldSilverSurveyhasbeenpublishedannuallybyTheSilverInstitutesince1990.HardcopiesofpreviouseditionscanbeobtainedbycontactingTheSilverInstituteattheaddressandtelephonenumberontheopeningpage.AllpreviouseditionsareavailablefordownloadatTheSilverInstitute’swebsite.ForcopiesoutsideofNorthAmerica,contactMetalsFocusattheaddressonthefollowingpage.

ISSN:978-1-7394228-9-9(Print)

ISSN:978-1-0685120-0-1(Online)

ISBN:978-1-7394228-9-9(Print)

ISBN:978-1-0685120-0-1(Digital)

Thisisthethirty-fifthannualeditionoftheWorldSilverSurveyproducedforTheSilverInstitute.WorldSilverSurvey2025

wasproducedbytheMetalsFocusteam.Theinformationcontainedhereinisbasedinpartontheanalysisofpublicly

availabledatasuchashallmarkingseries,tradestatistics,companyreportsandotherpublic-domaininformation.More

importantly,itisalsobasedonalargeseriesofinterviewswiththeindustry’smainplayers,carriedoutovertheyearbytheteam.Thisworkgeneratestheessentialdatatoallowthecompilationofreliableestimatesforworldsupplyanddemandandinformtheanalysisofmarketstructures,andthedegreeofsignificanceofanychangesanddevelopments.

MetalsFocusisgratefultothemanyminers,refiners,bulliondealers,bankersandfabricatorsthroughouttheworldwhohavecontributedtheirtimeandinformationtoensuringthatthepictureoftheindustrydescribedintheWorldSilverSurveyisascompleteandaccurateaspossible.

?CopyrightApril2025.TheSilverInstituteandMetalsFocus

We(andwhererelevant,anyidentifiedcontributorsorco-authors)aretheownerorthelicenseeofallintellectualpropertyrightsinthisdocument.Thisdocumentisprotectedbycopyrightlawsandtreatiesaroundtheworld.Allsuchrights

arereserved.

Noorganizationorindividualispermittedtoreproduceortransmitallorpartofthisdocument(includingwithoutlimitation

extractssuchastablesandgraphs),whetherbyphotocopyingorstoringinanymediumbyelectronicmeansorotherwise,

withoutthewrittenpermissionofTheSilverInstituteandMetalsFocus.Incaseswherewehaveprovidedourdocument

electronically,onlytheauthorizedsubscriber,inrespectofwhomanindividualuserlicensehasbeengranted,maydownloadacopyofthisdocument.Additionaluserlicensesmaybepurchasedonrequest.

Yourreproduction,transmission,printingoff,copyingordownloading(whererelevant)ofallorpartofthisdocumentinbreachofthesetermsmayresultincivilorcriminalactionsagainstyou.

Whileeveryefforthasbeenmadetoensuretheaccuracyoftheinformationinthisdocument,thecontentofthisdocumentisprovidedwithoutanyguarantees,conditionsorwarrantiesastoitsaccuracy,completenessorreliability.Itisnottobe

construedasasolicitationoranoffertobuyorsellpreciousmetal,relatedproducts,commodities,securitiesorrelatedfinancialinstruments.Totheextentpermittedbylaw,we,othermembersofourgroupofcompaniesandthirdparties

connectedtousherebyexpresslyexclude:

?Allconditions,warrantiesandothertermswhichmightotherwisebeimpliedbystatute,commonlaworthelawofequity.

?Anyliabilityforanydirect,indirectorconsequentiallossordamageincurredbyanypersonororganizationreadingorrelyingonthisdocumentincluding(withoutlimitation)lossofincomeorrevenue,lossofbusiness,lossofprofitscontracts,lossofanticipatedsavings,lossofgoodwillandwhethercausedbytort(includingnegligence),breachofcontractorotherwise,evenifforeseeable.

WorldSilverSurvey2025

MetalsFocus

WorldSilverSurvey2025

PRODUCEDFORTHESILVERINSTITUTEBYTHEMETALSFOCUSTEAM:

PhilipNewman

NikosKavalis

NeilMeader

SarahTomlinson

PhilipKlapwijk

WilmaSwarts

ElvisChou,Taiwan

ChiragSheth,Mumbai

YiyiGao,Shanghai

?a?da?Kü?ükemiroglu,Istanbul

HarshalBarot,Mumbai

DaleMunro

SimonYau,HongKong

PeterRyan

JunluLiang

MichaelBedford

JacobSmith

JieGao,Shanghai

AdarshDiwe,Mumbai

RossEmbleton

GhananshuKarekar,Mumbai

CelineZarate,Manila

NileshPise,Mumbai

AyakoFuruno

RubyTagoon,Manila

DonnadeeFrancisco,Manila

WITHTHESUPPORTOF

CharlesdeMeester

NeelanPatel

LisaMitchell

MirianMoreno

ErinCoyle

BismarkAdjeiAcheampong

TheGlobalsource

U工SILVERINSTITUTE

6thFloor,AbbeyHouse,74-76StJohnStreet,

1400IStreet,NW,Suite550,

London,EC1M4DT

Washington,D.C.20005

Telephone:+442033016510

Telephone:+1-202-835-0185

Email:info@

Email:info@

BloombergMetalsFocusLaunchPage:MTFO

Website:

Bloombergchat:IBMFOCUS

Website:

WorldSilverSurvey2025

Contents

1.Summary

Introduction8SilverSupplyin202410SilverDemandin202410

2.MarketOutlook

Introduction13SupplyOutlook15DemandOutlook16

TheLonger-TermOutlookforSilver17

3.Investment

Introduction18Outlook19InstitutionalInvestorActivity20

Exchange-TradedProducts21Coin&NetBarDemand21

FocusBox:TheGrowingPopularityofSilverETPsinIndia22

FocusBox:Above-GroundSilverStocks26

4.MineSupply

MineProduction27PrimarySilverProductionCosts33Reserves&Resources35CorporateActivity36ProducerHedging37SilverStreaming38

FocusBox:TheRoleofM&AinResourceAccumulation36

FocusBox:TheChangingLandscapeofMiningLegislation37

5.Recycling

Introduction39Industrial39Jewelry40Silverware40Photography40

6.BullionTrade

Introduction42Europe42NorthAmerica43MiddleEast44

SouthAsia44EastAsia45

FocusBox:TariffConcernsFuelPriceDislocationsandMetalFlows43

7.Industrial&Photography

IndustrialDemand46PhotographicDemand55

FocusBox:NovelApplicationsinNew&EstablishedFields51

FocusBox:ThePotentialforCompositeSilverPowders52

FocusBox:NewTariffsReconstructGlobalSupplyChains54

8.Jewelry&SilverwareJewelry56Silverware62

FocusBox:ContrastingTypesofSilverJewelrywithinIndia60

9.Appendices

8

13

18

27

39

42

46

56

64

Tables

SilverSupplyandDemand9

AnnualTurnoveronMajorCommodityExchanges19

Coin&NetBarDemandForecast22

Coin&NetBarDemand23

PhysicalInvestmentbyCountry24

Coins&MedalsFabrication25

IdentifiableSilverBullionInventories26

Top20MineProducingCountries28

SilverMineProductionbySourceMetalin202428

Top20SilverMiningCompanies29

MineProductionForecastbyRegion29

MineProductionbyCountry30

PrimarySilverProductionCosts33

HedgeBookComposition37

GlobalRecyclingForecastbyRegion39

RecyclingbySource40

RecyclingbyCountry41

GlobalIndustrialDemandForecast46

IndustrialDemandbyCountry47

BreakdownofIndustrialDemand47

Electrical&ElectronicsDemand48

BrazingAlloys&SolderDemand49

PhotographicDemand55

GlobalJewelryFabricationForecast56

JewelryFabricationbyCountry57

GlobalSilverwareFabricationForecast62

SilverwareFabricationbyCountry63

8

Chapter1

–Silversawitsfourthyearofamajordeficitin2024asaslight2%riseinsupplyand

3%dipindemandstillmeantashortfallofaround150Moz(4,600t).

–Ontopofthedeficit,supportivemacro

economicandgeopoliticalconditions

boostedinvestment,helpinglifttheannualaveragesilverpriceby21%.

–Someinvestorsweredisappointedthoughbythehighgold:silverratioandthelackoffreshpricehighsasplentifulabove-groundstocksandcautiontowardsindustrial

metalsingeneralcurbedsilver’supside.

SilverPrices&Gold:SilverRatio*

Gold:SilverRatioUS$/oz

50

40

120

100

80

30

60

20

40

10

0

20

0

197419841994200420142024Gold:SilverRatioSilverPrice

*QuarterlyaveragesSource:Bloomberg

WorldSilverSurvey2025

Summary

Introduction

2024wasanexceptionallygoodyearforsilver.Itspricesawa21%intra-

yearincreaseandanimpressive59%trough-to-peakrally,whiletheannualaveragerosebyoverafifthtoitshighestsince2012.Thefundamentalsalsoremainedrobust,withthemarketregisteringitsfourthconsecutivedeficit.

Thestrengthofthesilverpricewasprimarilyfueledbyapositive

macroeconomicandgeopoliticalbackdropforthewiderpreciousmetals

complex.USmonetarypolicyforinstancewasgenerallysupportiveformuchoflastyear.Theendofratehikesandconsensusexpectationsthatcuts

wouldcomesoonerorlaterwerehelpfulthroughouttheyear.Sotoowerethe1%ofpolicyratecutsthatdidinfactmaterializeinthesecondhalfof2024.

TheexceptionallystrongperformanceofUSequitiesalsohelpedsilver

prices,iflargelyindirectly.USstockmarketsbenefitedfromthemonetarypolicybackdropdiscussedabove,investorexcitementtowardsartificial

intelligenceandtheimpactthishadontechstocksaswellasthehealthy

stateoftheUSeconomy.Theresultingboostinwealthandportfoliosledtodiversificationflows,mainlyintogoldbutthisalsobenefitedsilver.

Turbulentgeopoliticalconditionsandpolicyuncertaintyweretwo

otherfactorssupportingsilverpricesthroughtheirboosttosafehaven

investment.Amongthese,concernsthatconflictsbetweenIsraelandits

neighborscouldtriggeranall-outregionalwarstoodout.Politicaluncertaintyaroundtheglobeinthefaceofnumerouselectionsalsohelped.Whileallthisprimarilyboostedgoldinvestmentdemandandprices,silverwasalsoaided.Finally,whilethishashadnodirectimpactonsilver,theboostthatgoldpricesreceivedfromhealthycentralbankbuyingalsogavesilversometailwinds.

Turningtosilver’sfundamentals,althoughitsmarketdeficitfellby26%y/y

lastyear,itremainedhighat148.9Moz(4,632t),equivalentto15%ofglobal

supply.Underpinningoveralldemandwasanotherrecordhighforindustrialofftake,withinwhichallmajorsegmentsenjoyedgains.Furtherdeclinesin

barandcoindemandcontinuedtooffsetthis,however,resultinginamodestdeclineintotaldemand.Totalsupplyroseby2%lastyear,mainlydueto

higherrecycling,althoughmineproductionwasalsoupatthemargin.

Notwithstandingallofthis,manysilverbullsremaindisappointedwithsilver’spriceperformance.Thismostlyreflectshowithasfluctuatedrelativetogold.Thereceivedwisdominthemarkethastraditionallybeenthatsilverisahigh-betatradeongold,owingtoitssmaller,lessliquidmarketandreflectingits

higherpricevolatility.Inrallyingmarkets,therefore,thereisanexpectationthatsilverwilltendtooutperformgold.Inaddition,silver’sexceptionally

9

WorldSilverSurvey2025Chapter1:Summary

MarketBalance

10040

5035

030

-5025

-10020

-15015

-20010

-2505

-3000

MozUS$/oz

Surplus

Deficit

20152017201920212023BalanceSilverPrice

Source:MetalsFocus,Bloomberg

strongsupply-demandconditionsoverthepastfewyearsshouldbeallthemorereasonforthemetaltooutperformgold.

Silverfailedtodothisin2024however,justasithaddoneduringthepreviousyear.Thegold:silverratiomovedsidewaysovermuchof2024,mostly

fluctuatingbetween80:1and90:1.Whilegoldhasbrokenaseriesofall-timerecordsandinlateMarchtradesaround60%aboveits2011high,silver

remainsnearlyone-thirdshortofitsrespectivepeakduringthatyear.Inour

view,silver’s“failuretolaunch”ismainlyduetothemacroandgeopolitical

driversofthepastcoupleofyearsbeingprimarilysupportiveofgold’smorewidelyacceptedquasi-monetaryproperties.Relatedtothis,someofthe

keymarketparticipantsofthepasttwoyears,forexamplemacro/generalistfundsandsovereigns,arecomfortablewiththegold’smarketdepthand

traditionasadiversifier,butlesssowithsilver’ssmallersizeandindustrial

attributes.Itsstrongsupply-demandconditionsalsohavehadasyetalimitedimpactonitsprice,duetostillplentifulabove-groundstocksofsilver.

SilverSupplyand

Millionounces

Demand

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025F

YearonYear

2024

2025F

Supply

MineProduction

900.1

863.9

850.8

837.4

783.8

830.8

839.4

812.7

819.7

835.0

1%

2%

Recycling

156.3

160.2

162.3

163.8

180.5

190.7

193.5

183.5

193.9

193.2

6%

-0.4%

NetHedgingSupply

0.0

0.0

0.0

13.9

8.5

0.0

0.0

0.0

0.0

0.9

na

na

NetOfficialSectorSales

1.1

1.0

1.2

1.0

1.2

1.5

1.7

1.6

1.5

1.5

-9%

4%

TotalSupply

1,057.4

1,025.1

1,014.3

1,016.2

974.0

1,023.1

1,034.6

997.8

1,015.1

1,030.6

2%

2%

Demand

Industrial(total)

491.0

528.0

525.8

525.4

511.9

564.1

592.3

657.1

680.5

677.4

4%

-0.5%

Electrical&Electronics

309.0

339.1

330.4

326.6

321.4

350.7

370.7

444.4

460.5

465.6

4%

1%

...ofwhichphotovoltaics

81.6

99.3

87.0

74.9

82.8

88.9

118.1

192.7

197.6

195.7

3%

-1%

BrazingAlloys&Solders

49.1

50.9

52.0

52.4

47.5

50.5

49.2

50.2

51.6

52.9

3%

3%

OtherIndustrial

132.9

138.0

143.5

146.4

142.9

162.9

172.4

162.6

168.4

158.9

4%

-6%

Photography

34.7

32.4

31.4

30.7

26.9

27.7

27.7

27.3

25.5

24.2

-7%

-5%

Jewelry

189.1

196.2

203.2

201.6

150.9

182.0

234.5

203.1

208.7

196.2

3%

-6%

Silverware

53.5

59.4

67.1

61.3

31.2

40.7

73.5

55.1

54.2

46.0

-2%

-15%

Coin&NetBarDemand

212.9

155.8

165.9

187.4

208.1

284.3

338.3

244.3

190.9

204.4

-22%

7%

NetHedgingDemand

12.0

1.1

7.4

0.0

0.0

3.5

17.9

11.5

4.3

0.0

-62%

na

TotalDemand993.3972.91,000.81,006.4929.01,102.41,284.21,198.51,164.11,148.3-3%-1%

MarketBalance

64.1

52.2

13.5

9.8

45.1

-79.3

-249.6

-200.6

-148.9

-117.6

-26%

-21%

NetInvestmentinETPs

53.9

7.2

-21.4

83.3

331.1

64.9

-117.4

-37.6

61.6

70.0

na

14%

MarketBalancelessETPs

10.2

45.1

34.9

-73.5

-286.1

-144.3

-132.2

-163.0

-210.5

-187.6

29%

-11%

SilverPrice(US$/oz,Londonprice)

17.14

17.05

15.71

16.21

20.55

25.14

21.73

23.35

28.27

-

21%

na

Source:MetalsFocus

Chapter1:SummaryWorldSilverSurvey2025

10

GlobalSupply

US$/oz

Moz

35

1,200

30

1,000

800

25

600

20

400

15

10

200

0

20152017201920212023MineProductionRecycling

HedgingmmOfficialSector

SilverPrice

Source:MetalsFocus,Bloomberg

GlobalRecycling,bySource

Moz

225

200

175

150

125

100

75

50

25

0

US$/oz

20152017201920212023IndustrialJewelry

PhotographySilverware

CoinSilverPrice

35

30

25

20

15

10

Source:MetalsFocus,Bloomberg

SilverSupplyin2024

In2024,globalmineproductionroseby0.9%y/yto819.7Moz(25,497t).

SupplyfromMexicorebounded,withNewmont’sPe?asquitominereturningtofullproductionfollowingthetemporarysuspensionin2023,whileFresnilloandMAGSilver’sJuanicipiocontinuedtoimproverecoveries.Outputfrom

Australia,Bolivia,andtheUSalsoincreased.Primarysilversupplycontinueditslong-termdownwardtrend,fallingto227.5Moz(7,076t).Silverfromcopperproductionalsofell,down1.8%y/yto219.4Moz(6,824t)asoutputfrom

severallargeminesdropped.Supplyfromlead/zincminesremainedthemainsourceofsilverin2024,butoutputwasflatyear-on-year.Silverderivedfromgoldminesrecordedthestrongestgrowth,up12%(+13.9Moz,432t)y/ytoathree-yearhigh.VirtuallyallofthiscamefromPe?asquito,leadingtoa2.1%y/yriseinMexicanproductionto185.7Moz(5,775t).

InAustralia(+6.2Moz,192t)andBolivia(+4.6Moz,142t),growthcamefromlead/zincmines.WhereasintheUS(+3.2Moz,98t),theramp-upofHecla’sKenoHillandCoeurMining’sRochesterexpansionprovidedadditional

ounces.Theseincreaseswereoffsetbylowersupplyfromothercountries,mostnotablyChile(-8.8Moz,274t),whereKinross’LaCoipaandAnglo

AmericanandGlencore’sCollahuasirecordedloweryear-on-yearoutput.

Recyclingin2024rose6%toa12-yearhighof193.9Moz(6,032t).The

biggestgainscamefromsilverware(+11%)ashighsilverpricespluscost-of-livingissuesencouragedselling,particularlyintheWest.Whilevolumesin

Indiawererestrained,westernmarketswerealsosignificantcontributorstothe8%riseinjewelryscrapassomemarketssawinventorymeltbythetrade.Thelargestincreaseinvolumeterms(+4.8Moz)camefromindustrialscrap,

mainlydrivenbytheprocessingofspentethyleneoxide(EO)catalysts.

Netsupplyfromtheofficialsectorfellby9%in2024.Nonetheless,absolutevolumesremainedtrivialatjust1.5Moz(46t).

SilverDemandin2024

Followingadeclinein2023,totaldemandforsilverfellfurtherlastyearto

1,164.1Moz(36,207t),down3%y/y.Muchlikein2023,thedropwasledby

weaknessinphysicalinvestmentandsilverware,whilestructurallossesin

areassuchasphotographycontinued.Allofthiswaspartiallyoffsetbythe

ongoingriseinindustrialdemand,whichpostedanotherrecordhighin2024.

Industrialofftakesawyetanotherrecordtotallastyear,withdemandup4%to680.5Moz(21,165t).Whilethriftingandsubstitutionwithinthephotovoltaic(PV)sectortemperedgrowthcomparedto2023,demandcontinued

tobenefitfromthestructuralgainsinthegreeneconomy,suchasgrid

infrastructureandvehicleelectrification,aswellasPV.ThisPVgrowthwasledbyChinawherenewlyaddedcapacityreachedarecord278GWin2024.

SilvervsGoldPrice(London,$/oz)andKeyEventsin2024-2025

36

35

34

33

32

31

SilverPrice,US$/oz

30

29

28

27

26

25

24

23

22

21

20

Fedholdsratessteady

Fedcutsratesby0.25%

Fedholdsrates steady,signalstwocutsin2025

Fedcutsratesby0.25%

Fedsprojectionsshowmedian rateof4.6%in2024

Fedholdsratessteady

Fedholdsratesa