May 6, 2026
The Bank of France recently executed a transaction involving its gold reserves, selling 129 tonnes of gold held in the United States before repurchasing the same amount in Europe. The move generated a profit of $15 billion, according to reports from April 6, 2026.
In March, central bank gold activity showed contrasting strategies. China added 5 tonnes to its reserves, while Turkey monetized 118 tonnes during the same period, as noted in an April 7 report.
Commentary from Gabellis Mancini on April 7 suggested that gold is set to become the primary alternative to the U.S. dollar, with the price expected to exceed $6,000 per ounce. Separately, EBC stated on April 7 that the shift from dollar reserves to gold represents an ongoing trend rather than a forecast, and that demand from BRICS+ nations could drive the entire gold market.
In the base metals sector, the CEO of Vizsla Copper predicted on April 8 that copper will outperform gold and silver, potentially reaching $30 in the current commodity cycle.
Interactive table based on the Store Companies dataset for this report.
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#
Company
Headquarters
Focus
Scale
Note
1
Hecla Mining Company
Coeur d’Alene, Idaho
Primary silver and gold mining
Major US primary silver producer
Largest US silver producer with multiple mines
2
Coeur Mining, Inc.
Chicago, Illinois
Precious metals mining (silver, gold)
Large-scale producer
Significant silver production from US and Americas assets
3
Newmont Corporation
Denver, Colorado
Gold mining with significant silver byproduct
World’s largest gold miner
Major silver byproduct from US and global operations
4
SSR Mining Inc.
Denver, Colorado
Precious metals producer
Mid-tier producer
Silver production from US and international mines
5
Kinross Gold Corporation
Toronto, Canada / Denver, CO
Gold mining with silver byproduct
Major gold producer
US operations (e.g., Round Mountain) yield silver
6
Rio Tinto Kennecott
South Jordan, Utah
Copper mining with silver/gold byproduct
Large integrated operation
Significant silver recovered from copper ore
7
Freeport-McMoRan Inc.
Phoenix, Arizona
Copper, gold, molybdenum, silver
Global mining giant
Silver byproduct from US copper mines
8
ASARCO (Grupo México)
Tucson, Arizona
Copper, silver, other metals
Major smelter/refiner
Silver produced from US copper operations
9
KGHM International
Denver, Colorado
Copper, silver, gold mining
US subsidiary of global miner
Silver from Robinson Mine in Nevada
10
Royal Gold, Inc.
Denver, Colorado
Precious metals streaming & royalties
Major streaming company
Significant silver stream interests globally
11
Wheaton Precious Metals Corp.
Vancouver, Canada / Denver, CO
Precious metals streaming
World’s largest streaming company
US office; silver streams from global mines
12
Maverix Metals Inc.
Vancouver, Canada / Denver, CO
Precious metals royalties
Growing royalty company
US presence; portfolio includes silver assets
13
Americas Gold and Silver Corporation
Toronto, Canada / Osburn, ID
Precious metals mining
Small to mid-tier producer
US operations include silver production
14
Comstock Inc.
Virginia City, Nevada
Silver and gold resource development
Exploration and development
Historic Comstock Lode district focus
15
First Majestic Silver Corp.
Vancouver, Canada / Denver, CO
Primary silver mining
Mid-tier primary silver producer
US office; primary silver focus globally
16
Endeavour Silver Corp.
Vancouver, Canada / Denver, CO
Silver-gold mining
Mid-tier producer
US office; operates mines in Americas
17
Fortuna Silver Mines Inc.
Vancouver, Canada / Lima, Peru
Silver and gold mining
Mid-tier producer
US operational presence; silver production
18
McEwen Mining Inc.
Toronto, Canada / Loveland, CO
Gold and silver mining
Mid-tier producer
US operations include silver production
19
Hycroft Mining Holding Corporation
Denver, Colorado
Gold and silver development
Large-scale resource
Developing large silver-gold deposit in Nevada
20
i-80 Gold Corp.
Reno, Nevada
Gold and silver mining
Development and production
Nevada focus includes silver byproduct
21
Contact Gold Corp.
Vancouver, Canada / Elko, NV
Gold exploration
Exploration stage
US operations; silver potential in Nevada
22
Silver One Resources Inc.
Vancouver, Canada / Phoenix, AZ
Silver exploration and development
Exploration and development
US projects in silver-rich districts
23
Silver Dollar Resources Inc.
Vancouver, Canada / Dallas, TX
Silver exploration
Exploration stage
US-based exploration projects
24
Gold Royalty Corp.
New York, New York
Precious metals royalties
Growing royalty company
Portfolio includes silver-focused royalties
25
U.S. Gold Corp.
Elko, Nevada
Gold and silver exploration
Exploration and development
US projects with silver potential
26
Silver Hammer Mining Corp.
Vancouver, Canada / Spokane, WA
Silver exploration
Exploration stage
US-focused silver exploration
27
Silver Tiger Metals Inc.
Toronto, Canada / Phoenix, AZ
Silver exploration and development
Exploration and development
Primary silver project in Mexico
28
Dolly Varden Silver Corporation
Vancouver, Canada / Boise, ID
Silver exploration
Exploration stage
US-focused silver exploration projects
29
Silver Spike Acquisition Corp.
New York, New York
Investment in silver/assets
Special purpose acquisition
Focused on silver and precious metals sector
30
Silver Crest Metals Inc.
Vancouver, Canada / Phoenix, AZ
Silver-gold exploration
Development stage
US office; developing silver project
This report provides a comprehensive view of the silver industry in the United States, tracking demand, supply, and trade flows across the national value chain. It explains how demand across key channels and end-use segments shapes consumption patterns, while also mapping the role of input availability, production efficiency, and regulatory standards on supply.
Beyond headline metrics, the study benchmarks prices, margins, and trade routes so you can see where value is created and how it moves between domestic suppliers and international partners. The analysis is designed to support strategic planning, market entry, portfolio prioritization, and risk management in the silver landscape in the United States.
Quick navigation
Key findings
Domestic demand is shaped by both household and industrial usage, with trade flows linking local supply to imports and exports.
Pricing dynamics reflect unit values, freight costs, exchange rates, and regulatory shifts that affect sourcing decisions.
Supply depends on input availability and production efficiency, creating a distinct national cost curve.
Market concentration varies by segment, creating different competitive landscapes and entry barriers.
The 2035 outlook highlights where capacity investment and demand growth are most aligned within the country.
Report scope
The report combines market sizing with trade intelligence and price analytics for the United States. It covers both historical performance and the forward outlook to 2035, allowing you to compare cycles, structural shifts, and policy impacts.
Market size and growth in value and volume terms
Consumption structure by end-use segments
Production capacity, output, and cost dynamics
Trade flows, exporters, importers, and balances
Price benchmarks, unit values, and margin signals
Competitive context and market entry conditions
Product coverageProdcom 24411030 – Silver, unwrought or in powder form (including plated with gold or platinum)Prodcom 24411050 – Silver, in semi-manufactured forms (including plated with gold or platinum) (excluding unwrought or in powder form)Country coverageCountry profile and benchmarks
This report provides a consistent view of market size, trade balance, prices, and per-capita indicators for the United States. The profile highlights demand structure and trade position, enabling benchmarking against regional and global peers.
Methodology
The analysis is built on a multi-source framework that combines official statistics, trade records, company disclosures, and expert validation. Data are standardized, reconciled, and cross-checked to ensure consistency across time series.
International trade data (exports, imports, and mirror statistics)
National production and consumption statistics
Company-level information from financial filings and public releases
Price series and unit value benchmarks
Analyst review, outlier checks, and time-series validation
All data are normalized to a common product definition and mapped to a consistent set of codes. This ensures that comparisons across time are aligned and actionable.
Forecasts to 2035
The forecast horizon extends to 2035 and is based on a structured model that links silver demand and supply to macroeconomic indicators, trade patterns, and sector-specific drivers. The model captures both cyclical and structural factors and reflects known policy and technology shifts in the United States.
Historical baseline: 2012-2025
Forecast horizon: 2026-2035
Scenario-based sensitivity to income growth, substitution, and regulation
Capacity and investment outlook for major producing companies
Each projection is built from national historical patterns and the broader regional context, allowing the report to show where growth is concentrated and where risks are elevated.
Price analysis and trade dynamics
Prices are analyzed in detail, including export and import unit values, regional spreads, and changes in trade costs. The report highlights how seasonality, freight rates, exchange rates, and supply disruptions influence pricing and margins.
Price benchmarks by country and sub-region
Export and import unit value trends
Seasonality and calendar effects in trade flows
Price outlook to 2035 under baseline assumptions
Profiles of market participants
Key producers, exporters, and distributors are profiled with a focus on their operational scale, geographic footprint, product mix, and market positioning. This helps identify competitive pressure points, partnership opportunities, and routes to differentiation.
Business focus and production capabilities
Geographic reach and distribution networks
Cost structure and pricing strategy indicators
Compliance, certification, and sustainability context
How to use this report
Quantify domestic demand and identify the most attractive segments
Evaluate export opportunities and prioritize target destinations
Track price dynamics and protect margins
Benchmark performance against leading competitors
Build evidence-based forecasts for investment decisions
This report is designed for manufacturers, distributors, importers, wholesalers, investors, and advisors who need a clear, data-driven picture of silver dynamics in the United States.
FAQ
What is included in the silver market in the United States?
The market size aggregates consumption and trade data, presented in both value and volume terms.
How are the forecasts to 2035 built?
The projections combine historical trends with macroeconomic indicators, trade dynamics, and sector-specific drivers.
Does the report cover prices and margins?
Yes, it includes export and import unit values, regional spreads, and a pricing outlook to 2035.
Which benchmarks are included?
The report benchmarks market size, trade balance, prices, and per-capita indicators for the United States.
Can this report support market entry decisions?
Yes, it highlights demand hotspots, trade routes, pricing trends, and competitive context.
Report Scope and Analytical Framing
Report DescriptionResearch Methodology and the Analytical FrameworkData-Driven Decisions for Your BusinessGlossary and Product-Specific Terms2. EXECUTIVE SUMMARY
Concise View of Market Direction
Key FindingsMarket TrendsStrategic ImplicationsKey Risks and Watchpoints3. DOMESTIC MARKET SIZE AND DEVELOPMENT PATH
Market Size, Growth and Scenario Framing
Market Size: Historical Data (2012-2025) and Forecast (2026-2035)Growth Outlook and Market Development Path to 2035Growth Driver DecompositionScenario Framework and Sensitivities4. CATEGORY SCOPE, DEFINITIONS AND BOUNDARIES
Commercial and Technical Scope
What Is Included and How the Market Is DefinedMarket Inclusion CriteriaProduct / Category DefinitionExclusions and BoundariesDistinction From Adjacent Products and Substitute Categories5. CATEGORY STRUCTURE, SEGMENTATION AND PRODUCT MATRIX
How the Market Splits Into Decision-Relevant Buckets
By Product Type / ConfigurationBy Application / End UseBy Customer / Buyer TypeBy Channel / Business Model / Technology PlatformSegment Attractiveness MatrixProduct Matrix and Segment Growth Logic6. DOMESTIC DEMAND, CUSTOMER AND BUYER ARCHITECTURE
Where Demand Comes From and How It Behaves
Consumption / Demand: Historical Data (2012-2025) and Forecast (2026-2035)Demand by End-Use and Buyer GroupDemand by Customer / Consumer SegmentPurchase Criteria, Switching Logic and Adoption BarriersReplacement, Replenishment and Installed-Base DynamicsFuture Demand Outlook7. DOMESTIC PRODUCTION, SUPPLY AND VALUE CHAIN
Supply Footprint and Value Capture
Production in the CountryDomestic Manufacturing FootprintCapacity, Bottlenecks and Supply RisksValue Chain Logic and Margin PoolsDistribution and Route-to-Market Structure8. IMPORTS, EXPORTS AND SOURCING STRUCTURE
Trade Flows and External Dependence
ExportsImportsTrade BalanceImport DependenceSourcing Risks and Resilience9. PRICING, PROMOTION AND COMMERCIAL MODEL
Price Formation and Revenue Logic
Domestic Price Levels and CorridorsPricing by Segment / Specification / ChannelCost Drivers and Margin LogicPromotion, Discounting and Procurement PatternsRevenue Quality and Commercial Levers10. COMPETITIVE LANDSCAPE AND PORTFOLIO POWER
Who Wins and Why
Market Structure and ConcentrationCompetitive ArchetypesSegment-by-Segment Competitive IntensityPortfolio Breadth and Product PositioningCapability MatrixStrategic Moves, Partnerships and Expansion Signals11. DOMESTIC MARKET STRUCTURE AND CHANNEL LOGIC
How the Domestic Market Works
Core Demand CentersLocal Production and Distribution RolesChannel StructureBuyer and Procurement ArchitectureRegional Imbalances Within the Country12. GROWTH PLAYBOOK AND MARKET ENTRY
Commercial Entry and Scaling Priorities
Where to PlayHow to WinDistributor / Partner / Direct Entry OptionsCapability ThresholdsEntry Risks and Mitigation13. WHERE TO PLAY NEXT: MOST ATTRACTIVE GROWTH OPPORTUNITIES
Where the Best Expansion Logic Sits
Most Attractive Product NichesMost Attractive Customer SegmentsWhite Spaces and Unsaturated OpportunitiesHigh-Margin and Underpenetrated PocketsMost Promising Product Adjacencies14. PROFILES OF MAJOR COMPANIES
Leading Players and Strategic Archetypes
Leading Manufacturers and SuppliersProduction Footprint and CapacitiesProduct Portfolio and Segment FocusPricing Positioning and Indicative Price LogicChannel / Distribution StrengthStrategic Archetypes15. METHODOLOGY, SOURCES AND DISCLAIMER
How the Report Was Built
Modeling LogicSource RegisterPublications, Regulatory and Industry ReferencesAnalytical NotesDisclaimer
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Largest US silver producer with multiple mines
Coeur Mining, Inc.
Significant silver production from US and Americas assets
Newmont Corporation
Major silver byproduct from US and global operations
SSR Mining Inc.
Silver production from US and international mines
Kinross Gold Corporation
US operations (e.g., Round Mountain) yield silver
Rio Tinto Kennecott
Significant silver recovered from copper ore
Freeport-McMoRan Inc.
Silver byproduct from US copper mines
ASARCO (Grupo México)
Silver produced from US copper operations
KGHM International
Silver from Robinson Mine in Nevada
Royal Gold, Inc.
Significant silver stream interests globally
Wheaton Precious Metals Corp.
US office; silver streams from global mines
Maverix Metals Inc.
US presence; portfolio includes silver assets
Americas Gold and Silver Corporation
US operations include silver production
Comstock Inc.
Historic Comstock Lode district focus
First Majestic Silver Corp.
US office; primary silver focus globally
Endeavour Silver Corp.
US office; operates mines in Americas
Fortuna Silver Mines Inc.
US operational presence; silver production
McEwen Mining Inc.
US operations include silver production
Hycroft Mining Holding Corporation
Developing large silver-gold deposit in Nevada
i-80 Gold Corp.
Nevada focus includes silver byproduct
Contact Gold Corp.
US operations; silver potential in Nevada
Silver One Resources Inc.
US projects in silver-rich districts
Silver Dollar Resources Inc.
US-based exploration projects
Gold Royalty Corp.
Portfolio includes silver-focused royalties
U.S. Gold Corp.
US projects with silver potential
Silver Hammer Mining Corp.
US-focused silver exploration
Silver Tiger Metals Inc.
Primary silver project in Mexico
Dolly Varden Silver Corporation
US-focused silver exploration projects
Silver Spike Acquisition Corp.
Focused on silver and precious metals sector
Silver Crest Metals Inc.
US office; developing silver project
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