Silver in a Time of Change

Despite the many industrial uses, the world market for silver as a commodity is far from free, being dominated by the U.S. Government both through acts of Congress and by policy of the Treasury Department. This discussion will consider aspects of supply, demand, and price with a view to the future. Changes in Sources of Supply: The world's peak production of silver, 278 million oz, was in 1937. In the 1850's world production was about 30 million oz, having risen from a yearly average of 11 million oz for the first half of the century. From 1860 to 1940 there was a steady rise, broken only by World War I and the depression of the early 1930's.