Salient Silver Statistics

This table presents key data on silver production, refining, trade, stocks, pricing, and employment related to the United States and the global market. It includes figures on mine production quantities and values, refinery inputs from domestic and foreign sources, exports and imports of various silver forms, year-end stocks held by industry and exchanges, bullion coin production, average annual prices, and employment in silver mining and milling. This information is critical for understanding the economic and industrial significance of silver, which is widely used in electronics, jewelry, photography, and as an investment commodity. Tracking these statistics helps policymakers, industry stakeholders, and investors assess market trends, supply-demand dynamics, and the overall health of the silver sector.

From 2019 to 2023, U.S. silver mine production remained relatively stable, fluctuating between 981 and 1,080 metric tons, with 1,020 metric tons produced in 2023. The value of this production increased notably from $502 million in 2019 to $771 million in 2023, reflecting higher average silver prices, which rose from $16.24 per troy ounce in 2019 to $23.54 in 2023. Refinery production from domestic and foreign ore and concentrate peaked at 1,920 metric tons in 2021 but declined sharply to 1,140 metric tons in 2023. Scrap inputs to refineries increased steadily, reaching 1,150 metric tons in 2023, indicating growing recycling activity. Exports of bullion dropped significantly to 57 metric tons in 2023 from 260 metric tons in 2022, while imports of bullion remained robust at 4,130 metric tons. Industry stocks halved to 27 metric tons by the end of 2023, and COMEX silver stocks also declined to 8,640 metric tons, suggesting tightening supply. Employment in silver mining rose to 1,460 workers in 2023, the highest in the five-year span. Globally, silver mine production held steady at 25,500 metric tons in 2023, consistent with recent years. These trends highlight a stable yet evolving silver market with shifts toward increased recycling and fluctuating trade flows.