Global silver supply climbed to 1,090.4 million ounces in 2025, up from 1,019.6 million ounces the prior year, according to the World Silver Survey 2026 published by the Silver Institute. Mine production, the largest single source of new metal, rose to 846.6 million ounces from 823.6 million ounces, helped by higher output from copper mines in Peru and the ramp-up of a major project in Russia.

Recycling also grew, climbing to 197.6 million ounces, the highest level in 12 years, as jewelry and silverware scrap flowed back into the market even though refinery bottlenecks limited how much could be processed. Net hedging supply added another 44.7 million ounces, a category that had been negligible the year before.

Even with supply expanding, total demand still outpaced it. Silver users consumed 1,130.6 million ounces in 2025, down slightly from 1,157.4 million ounces in 2024, according to the survey, which was researched by the London-based consultancy Metals Focus. The gap between what was produced and what was used marked a fifth consecutive annual deficit, tightening available above-ground stockpiles.

Prices reflected the strain. The London silver price averaged $40.03 per ounce in 2025, up from $28.27 the year before, an increase of roughly 42 percent, before climbing further to an all-time intraday high above $121 in late January 2026.

The survey's authors note that falling inventories, a shift of metal into exchange vaults, and rising demand for silver-backed investment products all combined to squeeze available supply last year, a dynamic that has continued to influence trading in 2026.

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