METAL MARKETS — Silver output slips, coin usage still high

Worldwide silver mine production in 1991 was 431.9 million oz., down 8% from 1990. The reduction was due mainly to decreased incentives to mine because of low silver prices.

In 1991, Mexico was the world’s largest silver producer, yielding 62.7 million oz. Canada was fifth in production with 39.9 million oz., behind the U.S., Peru, and the Commonwealth of Independent States.

The Silver Institute predicts that silver production will rise 1-2% annually over the next four years.

In 1991, worldwide silver use in coinage was 27.7 million oz., the third highest level of use in the past decade. The U.S. used the most silver in coinage, 9.1 million oz. Canada was ranked ninth in silver coin production, using over 845,000 oz.