Silver supply dynamics paint an interesting picture for anyone tracking commodity markets and geopolitical trends. Here's the reality: roughly 72% of mined silver is actually a slag byproduct from copper, zinc, and lead mining—it's not a primary product. That structural constraint matters big time because you can't just ramp up silver output when prices spike. Production is tied to other metals' demand cycles, not silver prices themselves.

Add another layer: China controls a massive chunk of global refining and smelting capacity. This concentration creates a serious bottleneck for Western markets trying to secure stable supply chains. When one region dominates critical processing infrastructure, price pressure and supply shocks hit differently. It's a reminder that commodity markets aren't just about spot prices—geography, production byproducts, and refining concentration shape what's actually available.