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 coverage

  • Prodcom 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.

  1. 1. INTRODUCTION

    Report Scope and Analytical Framing

    1. Report Description
    2. Research Methodology and the Analytical Framework
    3. Data-Driven Decisions for Your Business
    4. Glossary and Product-Specific Terms
  2. 2. EXECUTIVE SUMMARY

    Concise View of Market Direction

    1. Key Findings
    2. Market Trends
    3. Strategic Implications
    4. Key Risks and Watchpoints
  3. 3. DOMESTIC MARKET SIZE AND DEVELOPMENT PATH

    Market Size, Growth and Scenario Framing

    1. Market Size: Historical Data (2012-2025) and Forecast (2026-2035)
    2. Growth Outlook and Market Development Path to 2035
    3. Growth Driver Decomposition
    4. Scenario Framework and Sensitivities
  4. 4. CATEGORY SCOPE, DEFINITIONS AND BOUNDARIES

    Commercial and Technical Scope

    1. What Is Included and How the Market Is Defined
    2. Market Inclusion Criteria
    3. Product / Category Definition
    4. Exclusions and Boundaries
    5. Distinction From Adjacent Products and Substitute Categories
  5. 5. CATEGORY STRUCTURE, SEGMENTATION AND PRODUCT MATRIX

    How the Market Splits Into Decision-Relevant Buckets

    1. By Product Type / Configuration
    2. By Application / End Use
    3. By Customer / Buyer Type
    4. By Channel / Business Model / Technology Platform
    5. Segment Attractiveness Matrix
    6. Product Matrix and Segment Growth Logic
  6. 6. DOMESTIC DEMAND, CUSTOMER AND BUYER ARCHITECTURE

    Where Demand Comes From and How It Behaves

    1. Consumption / Demand: Historical Data (2012-2025) and Forecast (2026-2035)
    2. Demand by End-Use and Buyer Group
    3. Demand by Customer / Consumer Segment
    4. Purchase Criteria, Switching Logic and Adoption Barriers
    5. Replacement, Replenishment and Installed-Base Dynamics
    6. Future Demand Outlook
  7. 7. DOMESTIC PRODUCTION, SUPPLY AND VALUE CHAIN

    Supply Footprint and Value Capture

    1. Production in the Country
    2. Domestic Manufacturing Footprint
    3. Capacity, Bottlenecks and Supply Risks
    4. Value Chain Logic and Margin Pools
    5. Distribution and Route-to-Market Structure
  8. 8. IMPORTS, EXPORTS AND SOURCING STRUCTURE

    Trade Flows and External Dependence

    1. Exports
    2. Imports
    3. Trade Balance
    4. Import Dependence
    5. Sourcing Risks and Resilience
  9. 9. PRICING, PROMOTION AND COMMERCIAL MODEL

    Price Formation and Revenue Logic

    1. Domestic Price Levels and Corridors
    2. Pricing by Segment / Specification / Channel
    3. Cost Drivers and Margin Logic
    4. Promotion, Discounting and Procurement Patterns
    5. Revenue Quality and Commercial Levers
  10. 10. COMPETITIVE LANDSCAPE AND PORTFOLIO POWER

    Who Wins and Why

    1. Market Structure and Concentration
    2. Competitive Archetypes
    3. Segment-by-Segment Competitive Intensity
    4. Portfolio Breadth and Product Positioning
    5. Capability Matrix
    6. Strategic Moves, Partnerships and Expansion Signals
  11. 11. DOMESTIC MARKET STRUCTURE AND CHANNEL LOGIC

    How the Domestic Market Works

    1. Core Demand Centers
    2. Local Production and Distribution Roles
    3. Channel Structure
    4. Buyer and Procurement Architecture
    5. Regional Imbalances Within the Country
  12. 12. GROWTH PLAYBOOK AND MARKET ENTRY

    Commercial Entry and Scaling Priorities

    1. Where to Play
    2. How to Win
    3. Distributor / Partner / Direct Entry Options
    4. Capability Thresholds
    5. Entry Risks and Mitigation
  13. 13. WHERE TO PLAY NEXT: MOST ATTRACTIVE GROWTH OPPORTUNITIES

    Where the Best Expansion Logic Sits

    1. Most Attractive Product Niches
    2. Most Attractive Customer Segments
    3. White Spaces and Unsaturated Opportunities
    4. High-Margin and Underpenetrated Pockets
    5. Most Promising Product Adjacencies
  14. 14. PROFILES OF MAJOR COMPANIES

    Leading Players and Strategic Archetypes

    1. Leading Manufacturers and Suppliers
    2. Production Footprint and Capacities
    3. Product Portfolio and Segment Focus
    4. Pricing Positioning and Indicative Price Logic
    5. Channel / Distribution Strength
    6. Strategic Archetypes
  15. 15. METHODOLOGY, SOURCES AND DISCLAIMER

    How the Report Was Built

    1. Modeling Logic
    2. Source Register
    3. Publications, Regulatory and Industry References
    4. Analytical Notes
    5. Disclaimer

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Hecla Mining Company

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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