Sources

All citations referenced in this report

SOURCES

  1. Silver Institute, World Silver Survey 2025
  2. USGS Mineral Commodity Summaries 2025 - Silver
  3. Silver Institute, Industrial Demand Record 680.5 Moz in 2024
  4. Silver Institute, Fifth Successive Structural Market Deficit
  5. Silver Institute, Next Generation Metal (Dec 2025)
  6. CME Group, Four Major Drivers of the Gold-Silver Price Ratio
  7. CME Group, Precious Metals Outlook 2026
  8. USGS Historical Statistics Data Series 140 - Silver
  9. MacroTrends, 100-Year Silver Price Chart
  10. MacroTrends, Gold to Silver Ratio
  11. LongtermTrends, Gold Silver Ratio Since 1693
  12. BullionVault, Annual Asset Performance Comparison
  13. SD Bullion, Silver Price History
  14. SD Bullion, January 2026 Crash Analysis
  15. PV Magazine, PV Industry 40% of Silver Demand by 2030
  16. ScienceDirect, Forecasting Silver Demand and Supply by 2030
  17. LBMA Alchemist, Silver Demand in Solar PV to Leapfrog
  18. Visual Capitalist, Silver Supply-Demand Imbalance 2015-2025
  19. BullionVault, Gold-Silver Correlation with Real Rates
  20. Wikipedia, Silver Thursday
  21. Wikipedia, Coinage Act of 1873
  22. US Mint, Crime of 1873
  23. Econlib, Demonetization of Silver
  24. BlackRock, Gold & Silver Prices and Volatility
  25. InflationData.com, Inflation-Adjusted Silver Prices
  26. First Majestic, 2025 Production and Cost Guidance
  27. Coeur Mining, Q3 2025 Results
  28. Pan American Silver, Investor Presentation May 2025
  29. Hecla Mining, November 2025 Update
  30. iShares Silver Trust (SLV)
  31. Sprott Physical Silver Trust (PSLV)
  32. Wheaton Precious Metals, Portfolio Overview
  33. CFTC Commitments of Traders Reports
  34. J.P. Morgan, Silver Price Outlook
  35. Gorton & Rouwenhorst (NBER), Facts and Fantasies about Commodity Futures
  36. CME Group, Deconstructing Futures Returns: The Role of Roll Yield
Henry Obegi | Silver Deep-Dive | April 2026 | Prepared for Farouk Abillama