Global silver mine production rose 3 percent to 846.6 million ounces in 2025, according to the World Silver Survey 2026 published by the Silver Institute and researched by Metals Focus, yet supply from North America fell 3 percent to its lowest level in a decade. The regional decline came even as production gains in Peru, Russia, China and Morocco lifted the worldwide total, with output losses concentrated at established mines in Mexico and a broader decline in Indonesia.

The report found total global silver demand slipped 2 percent to 1.13 billion ounces in 2025, marking a fifth consecutive year in which demand outpaced supply. US investor behavior stood out within the demand figures: American coin and bar purchases fell for a third straight year even as global coin and bar demand jumped 14 percent, with the survey attributing the divergence to shifting safe-haven sentiment and profit-taking during the year's price rally. Recycling activity climbed 2 percent to a 12-year high of 197.6 million ounces as jewelry and silverware were sold back into the market.

Looking ahead, the Silver Institute projects the 2026 structural deficit will widen to 46.3 million ounces as mine production holds roughly flat while coin and bar demand is expected to climb 18 percent. Silver's annual average price rose 42 percent in 2025 before the rally accelerated further in early 2026, touching an all-time high above $121 per ounce on January 29 before retreating to the mid-$70s by early April. The report cited elevated policy uncertainty and sovereign debt concerns as continuing tailwinds for investment demand.

Source: The Silver Institute -- https://silverinstitute.org/elevated-lease-rates-regional-liquidity-tightness-and-robust-investor-interest-resulted-in-record-silver-prices-in-2025/