The silver market is experiencing a perfect storm of supply constraints and growing demand that has led to a significant market imbalance. This imbalance has contributed to silver's impressive performance, with prices rising approximately 28% year-to-date, making it one of the best-performing commodities in the current market.

In July 2025, silver production continued its upward trend, increasing by approximately 1.4% MoM from June. As silver prices reached new highs in July, the by-product revenue from lead smelters was substantial, leading to positive growth in silver by-product production from lead smelters.