THERE STILL IS ALOT OF SILVER & GOLD BEING MINED IN NEVADA.
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“How China Restricts Silver Supply Without Touching Silver”
Key Takeaways
China’s three-move silver sequence: export licensing (January 2026), record imports (March 2026), and now a sulfuric acid export ban effective May 2026 — each tightening silver supply at a different layer of the chain.
Why sulfuric acid matters for silver: Roughly 70% of newly mined silver is a byproduct of copper, lead, and zinc mining (Silver Institute, World Silver Survey 2025). You don’t restrict silver by restricting the acid — but you get the same result.
Chile carries the most acute risk: the world’s largest copper producer imports over one million tonnes of Chinese sulfuric acid annually. China supplied 37% of Chile’s acid imports in 2025, and about a fifth of Chile’s copper output depends on acid-based leaching.
The structural context: Silver demand is forecast to outstrip supply for the sixth consecutive year in 2026, adding to a cumulative five-year deficit already exceeding 800 million ounces — roughly an entire year of global mine production (Silver Institute).
So, why is the price so much lower than the late peak?