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Silver Mining Is Often Byproduct Driven
Supply depends partly on base metal mining cycles.
Approximately 70% of silver is produced as a byproduct of lead, zinc, and copper mining. This means silver supply doesn't respond to silver prices, but rather to demand for base metals. In 2026, slowdown in global copper mining unintentionally constrained silver supply, driving prices higher. This unique supply dynamic makes silver more prone to sudden deficits, mining companies cannot simply "turn on" silver production.