Most silver extraction is actually done in copper or gold mines. But you can’t ramp up silver production in those mines because the silver output is actually a waste product from the primary metal being extracted in those mines.
Demand is rising but silver supply is relatively inelastic, resulting in the price going up.
It’s similar to oil: demand is what it is, and even if it doesn’t fluctuate much, a refinery exploding or political instability in a producer nation can cause prices to rise by large amounts, even if supply only drops by a few hundred thousand barrels per year.
In the 1980’s when the Hunt brothers tried to corner the market, households responded by liquidating their Sterling silver and other silver items. That’s ultimately why their strategy failed. Today that domestic source of supply is much smaller, contributing even more to supply inelasticity.
This is more of a supply story than a demand story.
According to a research paper by scientists at the University of New South Wales, solar manufacturers will likely require over 20 percent of the current annual silver supply by 2027. By 2050, solar panel
source: https://www.moneymetals.com/news/2025/12/15/silver-industria...
When copper or gold are cheap that’s when you wouldn’t expect those mines to step up to the plate just to address silver demand.
or cheaper meaning “undervalued by comparison”?