Material Insights · Understanding the Material World

Silver

Silver is part precious metal, part industrial input: the best electrical conductor, used in electronics, solar cells and investment bars.

Precious metals · No. 22

  • US critical 2025
  • HHI 1,205 · unconcentrated
Precious metals · Foundation · Matter

Silver is the best conductor of electricity there is, yet most of it is dug up by accident, inside other ores.

Chart: Illustration: Silver

Where it comes from

Chart: Map of where it comes from

Most silver rides along inside lead-zinc, copper and gold ores, and is recovered only when those metals are smelted and refined.

Three things to know
  1. About 71% of primary silver is a by-product of mines dug mainly for lead, zinc, copper or gold.
  2. Solar panels took an estimated 15% of US silver use in 2025.
  3. COMEX warehouse silver rose from 9,910 tons at end-2024 to about 15,000 tons a year later.
The journey
  1. 1 Host oreLead-zinc, copper or gold ore
  2. 2 ConcentrateFloated with the base metal
  3. 3 SmeltingRecovered from lead bullion or slimes
  4. 4 RefiningCast into fine bars and grain
  5. 5 End usesElectronics, solar paste, bars and coins
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