The Silver Institute
Supply & Demand
Silver Supply

Supply of silver from above-ground stocks fell by 7.5 percent to 261.3 Moz in 2012, driven by a continued decline in government stock sales, a drop in scrap supply, and the absence of net-producer hedging. Producer de-hedging added 41.5 Moz to the demand equation in 2012. Government stock sales fell a staggering 39 percent to a 15-year low of 7.4 Moz. A continued decline in disposals from Russia and an absence of government stock sales from China and India were the primary factors. A drop in western supplies of recycled jewelry and silverware, combined with further falls from photographic sources, drove silver scrap supply down further by 1.6 percent to 253.9 Moz.

Total Silver Supply

(Million ounces) 2011 2012
Implied Net Disinvestment - -
Net Producer Hedging 12.2 -
Net Government Sales 12.0 7.4
Sub-total Bullion 24.3 7.4
Old Silver Scrap 258.1 253.9
Total from Above-Ground Stocks 282.4 261.3
Mine Production 757.0 787.0
Total Supply 1,039.4 1,048.3

Material and statistics in this section were adapted in part from the Silver Institute’s World Silver Survey 2013 publication. Totals may not add due to rounding.

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