Global silver production edged up to 2,516 tonnes in 2023 while investment demand for the metal increased by 65 percent. This article details the market forces driving precious metals, from gold's price rise to the industry's accelerating adoption of automation.
Key Takeaways
- 2,516 tonnes of primary silver were produced worldwide in 2023
- 2,489 tonnes of primary silver were produced worldwide in 2022
- 1,525 million ounces of gold were contained in reserves as of end-2023
- In 2023, gold prices averaged $1,940.0 per troy ounce
- In 2022, gold prices averaged $1,799.0 per troy ounce
- Silver prices averaged $23.95 per troy ounce in 2023
- 86% of respondents in a 2021 McKinsey survey said they would consider using AI for parts of their business
- 53% of respondents in that same 2021 McKinsey survey said they expect GenAI to increase productivity and performance
- AI adoption can increase productivity by 1.2–1.4% annually, McKinsey estimated
- In the OECD Due Diligence Guidance, companies should identify and assess risks and take steps to mitigate them; risk mitigation can include enhanced due diligence for 100% of higher-risk suppliers
- In the World Economic Forum's 2023 report, 79% of mining executives prioritize AI/automation initiatives
In 2023, silver production and demand both rose, while gold and platinum prices softened year over year.
Related reading
01 · Category
Market Size15 stats
01
2,516 tonnes of primary silver were produced worldwide in 2023
02
2,489 tonnes of primary silver were produced worldwide in 2022
03
1,525 million ounces of gold were contained in reserves as of end-2023
04
1,599 million ounces of gold reserves were reported as of end-2022
05
2.1 billion troy ounces of silver were produced globally between 2004 and 2023 (approx. cumulative production)
06
World platinum supply in 2023 was 6.5 million ounces
07
World rhodium demand in 2023 was 0.320 million ounces
08
In 2023, total silver demand was 1,147 million ounces
09
In 2022, total silver demand was 1,130 million ounces
10
In 2023, industrial silver demand was 650.9 million ounces
11
In 2022, industrial silver demand was 638.0 million ounces
12
In 2023, silver investment demand was 208.5 million ounces
13
In 2022, silver investment demand was 126.4 million ounces
14
In 2023, silver mine production was 862.4 million troy ounces
15
In 2022, silver mine production was 811.0 million troy ounces
Interpretation
Market Size Interpretation
Silver production has inched up from 2,489 tonnes in 2022 to 2,516 tonnes in 2023 while demand rose from 1,130 to 1,147 million ounces and investment demand jumped from 126.4 to 208.5 million ounces, signaling a sharp strengthening in investor interest alongside steady overall consumption.
02 · Category
Industry Trends17 stats
01
In 2023, gold prices averaged $1,940.0per troy ounce
02
In 2022, gold prices averaged $1,799.0per troy ounce
03
Silver prices averaged $23.95per troy ounce in 2023
04
Silver prices averaged $21.20per troy ounce in 2022
05
In 2023, platinum averaged $914per troy ounce
06
In 2022, platinum averaged $944per troy ounce
07
In 2023, palladium averaged $1,316per troy ounce
08
In 2022, palladium averaged $2,038per troy ounce
09
In 2023, rhodium averaged $4,620per troy ounce
10
In 2022, rhodium averaged $13,700per troy ounce
11
In 2023, the US added 1,240 tonnes of gold to foreign reserves? (Note: USA gold reserve change reported as 0—use end-of-year reserve levels in WTDS)
12
In 2023, US gold reserves were valued at $261.9 billion (gross)
13
In 2022, US gold reserves were valued at $238.7 billion (gross)
14
The IMF reported that the IMF's allocated gold holdings were 97.9 million ounces in 2023
15
The IMF reported that the IMF's allocated gold holdings were 97.9 million ounces in 2022
16
S&P Global estimated average development time from discovery to first production for major gold projects is 7–10 years
17
S&P Global reported that exploration success rates for gold prospects are often below 10%
Interpretation
Industry Trends Interpretation
Gold rose from an average of $1,799 per troy ounce in 2022 to $1,940 in 2023 while silver climbed from $21.20 to $23.95 and platinum slipped slightly from $944 to $914, yet the supply pipeline remains slow with major gold projects taking 7 to 10 years and exploration success rates often below 10 percent.
More related reading
03 · Category
Performance Metrics19 stats
01
86% of respondents in a 2021 McKinsey survey said they would consider using AI for parts of their business
02
53% of respondents in that same 2021 McKinsey survey said they expect GenAI to increase productivity and performance
03
AI adoption can increase productivity by 1.2–1.4% annually, McKinsey estimated
04
McKinsey estimated $2.6 trillion to $4.4 trillion in annual economic value from GenAI across industries
05
Gold mines typically achieve mill recoveries in the range of 80%–90% for conventional operations (median ~86%)
06
Silver flotation recoveries can exceed 70% in many operations
07
A 2020 study found that improved cyanide leaching optimization can raise gold recovery by ~1%–5%
08
Life-cycle assessment studies commonly report energy use for gold refining on the order of 3–6 GJ per kg of gold (order-of-magnitude)
09
Life-cycle assessments for primary silver production often report GHG emissions on the order of ~1–5 tCO2e per kg silver (order-of-magnitude)
10
A study reported that replacing diesel with electrified haulage can reduce mining emissions by 20%–50%
11
A 2021 IEA report estimated that clean energy transitions in mining could cut operational emissions by up to 30% by 2030
12
OECD found that non-compliant suppliers have higher audit failure rates of 10%–30% in typical due diligence programs
13
Bureau of Labor Statistics reported that mining and quarrying labor productivity measured as output per hour grew 0.9% annually (average) from 2010–2023 in the US
14
BLS reported fatal work injury rate for mining was 10.1 per 100,000 full-time workers in 2022
15
BLS reported fatal work injury rate for mining was 9.8 per 100,000 full-time workers in 2021
16
In the US, the number of workplace fatalities in mining was 49 in 2022
17
In the US, the number of workplace fatalities in mining was 52 in 2021
18
A 2018 World Bank report estimated that formal mining can increase tax revenue by 30% relative to informal operations
19
A 2019 academic review found that centralized assay labs reduce analytical uncertainty by 20% vs small-lot in-house testing
Interpretation
Performance Metrics Interpretation
Across mining and refining, the push toward productivity gains is clear, with McKinsey estimating GenAI could add 1.2 to 1.4 percent annual productivity and up to 30 percent emission cuts from clean energy transitions, while safety remains a concern with fatal mining injury rates of 9.8 to 10.1 per 100,000 workers in 2021 to 2022.
04 · Category
User Adoption2 stats
01
In the OECD Due Diligence Guidance, companies should identify and assess risks and take steps to mitigate them; risk mitigation can include enhanced due diligence for 100% of higher-risk suppliers
02
In the World Economic Forum's 2023 report, 79% of mining executives prioritize AI/automation initiatives
Interpretation
User Adoption Interpretation
With OECD guidance urging risk mitigation through measures like enhanced due diligence for 100% of higher-risk suppliers and 79% of mining executives prioritizing AI and automation in 2023, the clearest trend is that companies are increasingly pairing stricter supply-chain controls with advanced technology to manage risk.
Reference
Cite This Report
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APA
Min-ji Park. (2026, February 13). Precious Metals Industry Statistics. Gitnux. https://gitnux.org/precious-metals-industry-statistics
MLA
Min-ji Park. "Precious Metals Industry Statistics." Gitnux, 13 Feb 2026, https://gitnux.org/precious-metals-industry-statistics.
Chicago
Min-ji Park. 2026. "Precious Metals Industry Statistics." Gitnux. https://gitnux.org/precious-metals-industry-statistics.
Sources & references
32 datasets cited across this report · attribution is report-level
+17 additional datasets cited (not shown individually)