Despite rising silver bullion demand, silver mine production levels fall year-after-year. Global mine production fell for the fourth consecutive year in 2019. This was before Covid-19 struck and temporarily shut down operations, which is expected to drop production by a further 10% in 2020.
The ten largest silver producing countries (Mexico, China, Peru, Australia, Chile, Russia, Bolivia, the United States, Argentina, Poland, Kazakhstan, and Guatemala) have seen a 12% drop in silver production levels since 2016.
Only one new silver mine was opened in all of 2019: the Sotkamo silver project in Finland.
Supplies of recycled silver fall as the silver spot price does, and with the silver price plunging since 2012, the scrap silver supply has dropped by 28% in the past 8 years.
It is estimated that silver bullion demand will increase by 16% in 2020, on top of the 12% demand increase in 2019, and will the falling silver supply, as basic supply and demand dictates, silver prices may be flying up in the near future.
Purchase your silver bullion from SD Bullion at the Lowest Prices online before the widely-expected spot price increase.
