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2026 Silver Export Shock

The impact of China's new licensing regime on global silver supply and the potential for recycling to mitigate the effects.

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Jan 24, 2026
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What proportion of global silver supply comes from by‑product producers and how does that limit rapid production growth?

Roughly today is produced as a by‑product of other metal mines, leaving only about 25–30% from primary silver mines . That production structure makes supply largely inelastic — higher silver prices do...

Jan 22, 2026

How quickly can global silver recycling scale to materially offset a 2026 export shock?

Global silver recycling increased to about 193.9 million ounces in 2024 and is projected to be roughly flat or to rise modestly into 2025–2026, but available reporting shows that even optimistic near‑...