Global Silver Inventory and Supply: Market Data Every Investor Needs

The silver market runs on a surprisingly thin margin between supply and demand — and understanding inventory levels is one of the most important analytical skills a silver investor can develop. While the spot silver price captures moment-to-moment sentiment, the real story is told by the physical metal sitting in vaults, flowing out of mines, and being consumed by industry. In this article we examine the key inventory and supply data points that shape the silver market: above-ground inventories, COMEX and LBMA vault holdings, mine production by country, recycling supply, industrial consumption rates, and the persistent supply deficit that has defined recent years. This is the market data every silver investor needs to make informed decisions in 2026.

Above-Ground Silver Inventory: The Big Picture

Unlike gold — where virtually all the gold ever mined still exists in some form — silver is consumed by industry. Much of the silver mined throughout history has been used in electronics, photography, chemical processes, and other applications where recovery is impractical or uneconomical. This means above-ground silver inventories are far smaller relative to annual demand than gold inventories.

Estimates of total identifiable above-ground silver inventory — including exchange-held stocks, government reserves, and known private holdings — vary among analysts but generally range between 1.5 and 2.5 billion ounces. That may sound like a lot, but annual demand exceeds 1.2 billion ounces, meaning identifiable inventory represents less than two years of consumption. By comparison, above-ground gold stocks represent more than 50 years of annual mine production.

COMEX Silver Inventory

The COMEX division of the CME Group is the primary futures exchange for silver in North America. COMEX-approved depositories in the New York area hold silver in two categories:

• Registered: Silver that is available for delivery against futures contracts. This is the immediately deliverable supply.
• Eligible: Silver that meets COMEX specifications (1,000-ounce bars, .999+ fineness, from approved refiners) and is stored in COMEX vaults but has not been made available for delivery by its owner.

Tracking the Trend

COMEX registered silver inventories have been declining from peak levels. This drawdown reflects persistent physical demand drawing metal out of exchange warehouses and into the hands of industrial consumers and investors. The trend is directionally important — falling registered stocks indicate tightening physical supply and increase the likelihood of delivery squeezes during high-demand periods.

COMEX publishes daily vault inventory reports, which are available through the CME Group website and are widely tracked by silver analysts. Monitoring the registered-to-eligible ratio and the absolute level of registered stocks provides insight into how tight the physical market is at any given time.

LBMA Vault Holdings

The London Bullion Market Association (LBMA) oversees the world's largest over-the-counter precious-metals market. Silver held in London vaults — primarily operated by JP Morgan, HSBC, ICBC Standard Bank, and Brink's — is reported monthly by the LBMA.

London vault holdings represent the inventory available to the wholesale market and are a key indicator of global physical availability. Like COMEX, London vault stocks have experienced drawdowns in recent years as physical demand has outpaced supply. The LBMA data, combined with COMEX data, gives investors a reasonably complete picture of Western exchange-accessible silver.

Mine Production: Where Silver Comes From

Global silver mine production runs approximately 800–850 million ounces per year. Importantly, about 70% of this supply is produced as a byproduct of mining other metals — primarily copper, zinc, lead, and gold. Only about 30% comes from primary silver mines.

Top Silver-Producing Countries

Mexico has been the world's top silver producer for over a decade, driven by large polymetallic mines. China and Peru round out the top three.

The Byproduct Problem

The byproduct nature of most silver production creates a structural supply constraint. When copper or zinc prices fall, mines may reduce output — reducing silver supply as a side effect, even if silver prices are rising. Conversely, new silver supply cannot be brought online quickly in response to higher silver prices because most silver mines are actually copper, zinc, or lead mines that happen to produce silver. This inelasticity is a key factor in the supply-deficit thesis.

Recycling Supply

Silver recycling — primarily from industrial scrap, electronics waste, and old photographic materials — adds approximately 150–180 million ounces to annual supply. Recycling is economically sensitive to the silver price: higher prices incentivize more collection and processing of silver-bearing scrap, while lower prices make recovery uneconomical for many sources.

Key recycling sources:

• Industrial scrap: Silver recovered from manufacturing byproducts and end-of-life industrial equipment.
• E-waste: Circuit boards, connectors, and switches from discarded electronics contain small amounts of silver.
• Photography: Silver recovered from X-ray films, printing processes, and darkroom chemistry — a declining source.
• Jewelry and silverware: Melted and refined when prices make it worthwhile.

Even at elevated silver prices, recycling supply has a ceiling — there is a finite amount of accessible silver-bearing scrap available in any given year.

Industrial Consumption: The Demand Side of the Equation

Total silver demand now exceeds 1.2 billion ounces per year, and industrial consumption accounts for more than half. The major demand sectors include:

• Solar PV: 150–200+ million oz/year and growing rapidly
• Electronics and electrical: 200–250 million oz/year
• Brazing, soldering, and alloys: 40–50 million oz/year
• Chemical catalysts: 20–30 million oz/year
• Medical and antimicrobial: 10–20 million oz/year

Investment demand (coins, bars, rounds, ETFs) adds another 250–350 million ounces per year, and jewelry and silverware contribute approximately 200 million ounces.

The Supply Deficit: Quantifying the Shortfall

When total demand exceeds total supply, the market draws down existing inventories to bridge the gap. According to data compiled by The Silver Institute and Metals Focus, the global silver market has been in a persistent supply deficit:

• Total supply (mine + recycling): approximately 1,000–1,050 million oz/year
• Total demand (industrial + investment + jewelry): approximately 1,200–1,300 million oz/year
• Annual deficit: approximately 150–250 million oz/year

This deficit must be covered by drawing down above-ground inventories. The declining COMEX and LBMA vault stocks are physical evidence that this drawdown is occurring. If the deficit persists — and most analysts expect it to, given the trajectory of solar and EV demand — the eventual depletion of accessible inventories could trigger a significant repricing of silver.

Silver Institute Data: The Industry's Authoritative Source

The Silver Institute publishes the annual World Silver Survey, prepared in partnership with Metals Focus. This is the most comprehensive and widely cited data source on global silver supply, demand, and inventory. Key metrics from the survey include:

• Mine production by country and mine type
• Recycling and scrap supply
• Demand by sector (industrial, investment, jewelry, silverware, photography)
• Above-ground stock estimates
• Price forecasts and analysis

Serious silver investors should review the World Silver Survey annually and track the Institute's interim updates for real-time market insight.

What This Means for Silver Investors

The inventory and supply data paints a clear picture:

1. Supply is structurally constrained because most silver is a byproduct and new mine capacity takes years to develop.
2. Demand is structurally growing because solar, EVs, and electronics represent long-term, policy-driven consumption that is unlikely to slow.
3. The deficit is depleting inventories that have accumulated over decades. Once accessible inventories thin sufficiently, the market must either find new supply, destroy demand, or allow the price to rise enough to accomplish both.

For stackers, this data supports a strategy of steady accumulation. The fundamental supply-demand picture favors higher silver prices over time. Track the live spot price and implement a dollar-cost averaging approach through your stacking strategy to build a position aligned with the data.

Frequently Asked Questions

How much silver is left in the world?

Identifiable above-ground silver inventories are estimated at 1.5–2.5 billion ounces, including exchange-held stocks, government reserves, and known private holdings. Below ground, the USGS estimates global silver reserves at roughly 500,000–600,000 metric tons (approximately 16–19 billion ounces), though only a fraction is economically recoverable at current prices.

Is the silver supply deficit real?

Yes. Data from The Silver Institute, Metals Focus, and independent analysts consistently shows that total silver demand has exceeded total supply (mine production plus recycling) since at least 2021. The deficit is structural, driven by growing industrial demand and stagnant mine output.

What happens when silver inventories run out?

Inventories will not literally "run out" because rising prices would eventually ration demand and incentivize new supply. However, as accessible inventories thin, the cost of sourcing physical silver rises, premiums expand, and the spot price must adjust upward to reflect genuine scarcity.

How do I track COMEX silver inventory?

COMEX publishes daily vault inventory reports through the CME Group website. These reports show registered and eligible silver stocks at each approved depository. Many financial news sites and silver-focused analysts also publish regular summaries and charts.

Why is silver mine supply not increasing?

About 70% of silver is produced as a byproduct of copper, zinc, lead, and gold mining. Operators make production decisions based on the primary metal, not silver. Primary silver mines are relatively few, and new mine development takes 7–15 years from discovery to production.

How does the gold-to-silver ratio relate to inventory?

The gold-to-silver ratio reflects relative pricing, not inventory per se. However, some analysts argue that as silver inventories tighten relative to gold inventories, the ratio should contract (i.e., silver should become relatively more expensive). Historically, periods of falling silver inventories have coincided with a declining gold-to-silver ratio.

Build Your Position While Inventory Lasts

The data is unambiguous: global silver inventories are declining, mine supply is not keeping up with demand, and the industrial consumption driving the deficit is accelerating. Smart investors are using this information to build positions before the market fully prices in the scarcity. Browse MintBuilder's silver inventory to find bars, coins, and rounds at competitive premiums and start accumulating the metal that powers the modern world.