Pan American 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.

Peru – October 11, 2026 -- Silver mining stocks can amplify moves in the silver price, but they also carry company-specific risks that a bar or coin does not. The Silver Institute's World Silver Survey 2026 forecasts a 46.3 million ounce market deficit this year, which would be the sixth straight year that demand exceeds supply.

Miners can magnify silver price moves in both directions

A producer earns the gap between what it gets for its metal and what it costs to produce it. If silver rises while costs stay broadly stable, margin per ounce can grow by a larger percentage than the metal itself.

The effect also works in reverse. If silver falls while costs stay high, margins can shrink fast, which is why mining equities can be far more volatile than silver. Grades, labour and energy costs, taxes and by-product credits all change the outcome. Pan American Silver and First Majestic Silver are the source's examples of the producer model.