Many of the silver figures you see in the news come from one annual report: the World Silver Survey. It is the main reference for how much silver the world mines, recycles and uses each year. Knowing how the World Silver Survey is made, and what its numbers do and do not mean, helps you read silver data with more confidence.
What is the World Silver Survey?
The World Silver Survey is an annual report published by the Silver Institute, an industry association. The research is carried out by Metals Focus, an independent precious metals consultancy based in London. The 2026 edition was released on April 15, 2026, according to SilverTrade.
Each edition covers the previous calendar year in detail. It also gives a forecast for the current year. So the 2026 edition reported on 2025 and forecast 2026.
What the survey measures
| Section | What it covers | 2025 headline (2026 edition) |
|---|---|---|
| Mine supply | Output by country and mine type | 846.6 million oz, up 3% |
| Recycling | Scrap from jewellery, industry and more | 197.6 million oz, up 2% |
| Industrial demand | Electronics, solar, vehicles and other uses | 657.4 million oz, down 3% |
| Jewellery and silverware | Fabrication by country | Jewellery down 8% |
| Physical investment | Coins and bars | Up 14% |
| Market balance | Total supply minus total demand | Deficit of 40.3 million oz |
Sources: the 2026 edition, as reported by SilverTrade (April 2026) and Mexico Business News (May 2026).
How the figures are produced
No one can count every ounce of silver. Instead, researchers build estimates from many sources: mining company reports, trade and customs data, refinery information, interviews with industry participants, and fieldwork in key markets. They then balance supply against demand.
As a result, every figure is an estimate. Past years are also revised as better data becomes available. So the 2025 numbers in next year’s survey may differ from those in this year’s edition.
How to read the World Silver Survey well
- Check the edition. Always note which year’s report a figure comes from.
- Separate data from forecasts. The previous year is an estimate of what happened. The current year is a forecast of what might happen.
- Look beneath the headline. A deficit driven by investment buying behaves differently from one driven by industrial demand.
- Compare with other sources. Government sources such as the USGS use different methods, so totals differ. For example, the USGS estimated world mine output at about 26,000 metric tons in 2025.
- Consider who publishes it. The Silver Institute is an industry body. The research is independent, but it is sensible to read any single source critically.
Other Silver Institute updates
Besides the annual survey, the Silver Institute publishes shorter updates during the year. For instance, in July 2025 it reported on first-half investment flows into silver-backed exchange-traded products. These updates help track trends between editions.
For a plain-English walk through the latest balance, see our guide to silver supply and demand.
Frequently asked questions
Who publishes the World Silver Survey?
The Silver Institute publishes it, and the London consultancy Metals Focus carries out the research.
When is the report released?
Each spring. The 2026 edition came out on April 15, 2026.
Are the survey’s figures exact?
No. They are estimates based on many data sources, and they are revised as better information arrives.
Why do different sources give different silver figures?
They use different methods and definitions. For instance, the USGS reports world mine output in metric tons using its own estimates.
Sources
- SilverTrade: The Silver Institute releases 2026 World Silver Survey (April 15, 2026)
- Mexico Business News: World Silver Survey 2026 (May 18, 2026)
- Silver Institute: ETP inflows update (July 9, 2025)
- USGS: Mineral Commodity Summaries 2026, Silver (February 2026)
This article is general information, not financial advice. Survey figures are estimates and may be revised.
Written and reviewed by the SilverPriceCharts.com editorial team. Sources are linked above.