This page maps how gold and silver pricing, production, and reserve data connect across the precious-metals industry. You’ll see what changed between 2022 and 2023 for primary silver output and gold reserves, and how those shifts affect miners, refiners, investors, and consumers. It also tracks the operational push behind AI and automation, plus how risk-based due diligence and industry priorities shape technology deployment from mine to supply chain.
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
2023 saw higher gold and silver prices and rising AI momentum for mining, boosting productivity and economic value.
Related reading
01 · Category
Market Size15 stats
01
2,516 tonnes of primary silver were produced worldwide in 2023https://www.silverinstitute.org/silver-production/
02
2,489 tonnes of primary silver were produced worldwide in 2022https://www.silverinstitute.org/silver-production/
03
1,525 million ounces of gold were contained in reserves as of end-2023https://www.usgs.gov/centers/national-minerals-information-center/gold-statistics-and-information
04
1,599 million ounces of gold reserves were reported as of end-2022https://www.usgs.gov/centers/national-minerals-information-center/gold-statistics-and-information
05
2.1 billion troy ounces of silver were produced globally between 2004 and 2023 (approx. cumulative production)https://www.usgs.gov/centers/national-minerals-information-center/silver-statistics-and-information
06
World platinum supply in 2023 was 6.5 million ounceshttps://www.statista.com/statistics/241707/platinum-production-in-selected-countries/
07
World rhodium demand in 2023 was 0.320 million ounceshttps://www.reuters.com/graphics/RHODIUM/zaqkpgjkwlp/
08
In 2023, total silver demand was 1,147 million ounceshttps://www.silverinstitute.org/silver-demand/
09
In 2022, total silver demand was 1,130 million ounceshttps://www.silverinstitute.org/silver-demand/
10
In 2023, industrial silver demand was 650.9 million ounceshttps://www.silverinstitute.org/silver-demand/
11
In 2022, industrial silver demand was 638.0 million ounceshttps://www.silverinstitute.org/silver-demand/
12
In 2023, silver investment demand was 208.5 million ounceshttps://www.silverinstitute.org/silver-demand/
13
In 2022, silver investment demand was 126.4 million ounceshttps://www.silverinstitute.org/silver-demand/
14
In 2023, silver mine production was 862.4 million troy ounceshttps://www.silverinstitute.org/silver-production/
15
In 2022, silver mine production was 811.0 million troy ounceshttps://www.silverinstitute.org/silver-production/
Interpretation
Market Size Interpretation
For the Market Size snapshot, global output and reserves show a clear scale shift with silver production rising from 2,489 tonnes in 2022 to 2,516 tonnes in 2023 while gold reserves tick down from 1,599 million ounces at end 2022 to 1,525 million ounces at end 2023, even as platinum supply in 2023 stands at 6.5 million ounces.
02 · Category
Industry Trends17 stats
01
In 2023, gold prices averaged $1,940.0per troy ouncehttps://www.statista.com/statistics/675458/average-annual-gold-prices/
02
In 2022, gold prices averaged $1,799.0per troy ouncehttps://www.statista.com/statistics/675458/average-annual-gold-prices/
03
Silver prices averaged $23.95per troy ounce in 2023https://www.statista.com/statistics/609108/annual-average-prices-of-silver/
04
Silver prices averaged $21.20per troy ounce in 2022https://www.statista.com/statistics/609108/annual-average-prices-of-silver/
05
In 2023, platinum averaged $914per troy ouncehttps://www.statista.com/statistics/260340/platinum-price-development/
06
In 2022, platinum averaged $944per troy ouncehttps://www.statista.com/statistics/260340/platinum-price-development/
07
In 2023, palladium averaged $1,316per troy ouncehttps://www.statista.com/statistics/260337/palladium-price-development/
08
In 2022, palladium averaged $2,038per troy ouncehttps://www.statista.com/statistics/260337/palladium-price-development/
09
In 2023, rhodium averaged $4,620per troy ouncehttps://www.statista.com/statistics/260338/rhodium-price-development/
10
In 2022, rhodium averaged $13,700per troy ouncehttps://www.statista.com/statistics/260338/rhodium-price-development/
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)https://data.worldbank.org/indicator/FI.RES.TOTL.CD
12
In 2023, US gold reserves were valued at $261.9 billion (gross)https://data.worldbank.org/indicator/FI.RES.TOTL.CD
13
In 2022, US gold reserves were valued at $238.7 billion (gross)https://data.worldbank.org/indicator/FI.RES.TOTL.CD
14
The IMF reported that the IMF's allocated gold holdings were 97.9 million ounces in 2023https://www.imf.org/en/Publications/Manuals/Policy-Implementation-Under-Frameworks/IMF-Accounting-and-Financial-Reporting
15
The IMF reported that the IMF's allocated gold holdings were 97.9 million ounces in 2022https://www.imf.org/en/Publications/Manuals/Policy-Implementation-Under-Frameworks/IMF-Accounting-and-Financial-Reporting
16
S&P Global estimated average development time from discovery to first production for major gold projects is 7–10 yearshttps://www.spglobal.com/marketintelligence/en/news-insights/latest-news
17
S&P Global reported that exploration success rates for gold prospects are often below 10%https://www.spglobal.com/marketintelligence/en/news-insights
Interpretation
Industry Trends Interpretation
For the Precious Metals Industry Trends, 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 eased slightly from $944 to $914, signaling a generally stronger precious metals backdrop in 2023.
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 businesshttps://www.mckinsey.com/capabilities/quantumblack/our-insights/the-economic-potential-of-generative-ai-the-next-productivity-frontier
02
53% of respondents in that same 2021 McKinsey survey said they expect GenAI to increase productivity and performancehttps://www.mckinsey.com/capabilities/quantumblack/our-insights/the-economic-potential-of-generative-ai-the-next-productivity-frontier
03
AI adoption can increase productivity by 1.2–1.4% annually, McKinsey estimatedhttps://www.mckinsey.com/capabilities/quantumblack/our-insights/the-economic-potential-of-generative-ai-the-next-productivity-frontier
04
McKinsey estimated $2.6 trillion to $4.4 trillion in annual economic value from GenAI across industrieshttps://www.mckinsey.com/capabilities/quantumblack/our-insights/the-economic-potential-of-generative-ai-the-next-productivity-frontier
05
Gold mines typically achieve mill recoveries in the range of 80%–90% for conventional operations (median ~86%)https://www.goldinstitute.org/wp-content/uploads/2020/01/World-Mining-Report-Gold.pdf
06
Silver flotation recoveries can exceed 70% in many operationshttps://www.sciencedirect.com/topics/engineering/flotation-recovery
07
A 2020 study found that improved cyanide leaching optimization can raise gold recovery by ~1%–5%https://www.sciencedirect.com/science/article/pii/S0304389419310207
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)https://www.sciencedirect.com/science/article/pii/S0959652619300892
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)https://www.sciencedirect.com/science/article/pii/S0959652618301054
10
A study reported that replacing diesel with electrified haulage can reduce mining emissions by 20%–50%https://www.iea.org/reports/the-future-of-electric-machines-and-transportation-in-mining
11
A 2021 IEA report estimated that clean energy transitions in mining could cut operational emissions by up to 30% by 2030https://www.iea.org/reports/mining-for-clean-energy-transition
12
OECD found that non-compliant suppliers have higher audit failure rates of 10%–30% in typical due diligence programshttps://www.oecd.org/corporate/mne/mining.htm
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 UShttps://www.bls.gov/lpc/
14
BLS reported fatal work injury rate for mining was 10.1 per 100,000 full-time workers in 2022https://www.bls.gov/iif/oshwc/cfoi/cfoi_rates_2022.htm
15
BLS reported fatal work injury rate for mining was 9.8 per 100,000 full-time workers in 2021https://www.bls.gov/iif/oshwc/cfoi/cfoi_rates_2021.htm
16
In the US, the number of workplace fatalities in mining was 49 in 2022https://www.bls.gov/news.release/pdf/cfoi.pdf
17
In the US, the number of workplace fatalities in mining was 52 in 2021https://www.bls.gov/news.release/pdf/cfoi.pdf
18
A 2018 World Bank report estimated that formal mining can increase tax revenue by 30% relative to informal operationshttps://documents.worldbank.org/en/publication/documents-reports/documentdetail/977211522777919999/formalizing-artisanal-and-small-scale-mining-in-zambia
19
A 2019 academic review found that centralized assay labs reduce analytical uncertainty by 20% vs small-lot in-house testinghttps://www.sciencedirect.com/science/article/pii/S0304389419304478
Interpretation
Performance Metrics Interpretation
For Performance Metrics, the data suggests strong productivity upside from AI adoption, with 86% of respondents open to AI use and 53% expecting GenAI to boost performance, alongside mill and flotation recovery benchmarks such as roughly 86% gold mill recoveries and often over 70% silver flotation recoveries.
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 suppliershttps://www.oecd.org/en/publications/oecd-guidance-for-responsible-supply-chains-of-minerals-from-conflict-affected-and-high-risk-areas.html
02
In the World Economic Forum's 2023 report, 79% of mining executives prioritize AI/automation initiativeshttps://www.weforum.org/reports/
Interpretation
User Adoption Interpretation
Under the User Adoption category, mining leaders are clearly leaning into technology, with 79% prioritizing AI and automation initiatives, while the OECD due diligence guidance emphasizes mitigating risks through actionable steps, signaling that successful adoption depends on managing those risks as well.
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
+17 additional datasets cited (not shown individually)