First Majestic Silver

Global – October 11, 2026 -- The silver market is forecast to stay in deficit in 2026 for a sixth consecutive year, with demand exceeding mine production and recycling by 46.3 million ounces.

The World Silver Survey 2026, prepared by Metals Focus for the Silver Institute, compares that figure with a 40.3 million ounce deficit in 2025. The research also points to a cumulative drawdown of above-ground stocks since 2021. When demand outruns supply, the market covers the gap from existing inventories rather than new production.

Most silver comes from mines built for other metals

Primary silver mines account for only a minority of global mine supply. Most silver is a byproduct of gold, copper, lead and zinc operations, so a higher silver price does not automatically bring a wave of new output. A zinc-lead mine will not usually expand just because silver is strong if zinc and lead economics are weak.

North America – October 11, 2026 -- Investors who want silver exposure without storing coins or bars can buy it through a brokerage account, but the five main stock-market routes react very differently to the same move in the silver price.

A mining share is not the same as owning silver

Physical silver is valued mainly on the metal price, less dealer premiums, storage costs and resale spreads. A mining share is a stake in a business, so its price also depends on production, costs, debt, management, permits and deposit quality. A profitable producer may earn more when silver rises, yet still lag the metal if a mine runs into operational problems.