How Much is a Year of Global Silver Mining Production Worth?

How Much is a Year of Global Silver Mining Production Worth?

The Size of Silver Market

The Dollar Value of the Annual Global Silver Mining Production

J.P. Morgan has paid far more in fines than the value of the annual global silver mining production.

How much would it cost to buy all of 2014’s record American Silver Eagle coin production?

JM Bullion

The Tiny Silver Market

In “Silver Coin Demand – A Historical Perspective” we compared the amount of ounces of silver used to produce the “record” amount of one ounce American Silver Eagle coins to the global silver mining production.

chart showing2014  american silver eagle sales  vs global silver mining production

Record sales of American Silver Eagle in 2014 were small compared to 2013 global silver mining production.

How much would it cost to buy all those one ounce American Silver Eagle coins minted last year?

The U.S. Mint charges dealers $2 per coin over the spot price of silver, so assume you’d have to pay $3 per coin to cover dealer costs. Add the $3 premium to the price of silver today which is $16.75 an ounce and you get $19.75 per coin. Round it up to $20 for ease of calculation and multiply it times the approximately 44 million one ounce American Silver Eagles sold in 2014, and you get about $880 million or less than the $920 million that J.P. Morgan was fined to settle its “London Whale” fraud case.

Chart showing value of 2014 american silver eagle coins vs jp morgan london whale fines

The value of the entire record American Silver Eagle coin production in 2014 is worth less than the amount that JP Morgan paid in fines to settle its London Whale fraud charges.

How much would it cost to buy the entire 2013 global silver mining production?

In “Twelve Differences Between Silver and Gold” we noted the small size of the silver market. According to the Silver Institute , global silver mining output in 2013 was a record 819.6 million ounces.

At approximately $17 an ounce, 820 million ounces of silver is worth about $13.9 billion. During the three and a half year period ended December 31, 2014, J.P. Morgan paid over $35 billion in fines ($35,241,500,000 according to

According to the Forbes list of the world’s wealthiest persons, there were seventy seven individuals, including Vladimir Putin (net worth $15 billion), whose net worth was at least $13.9 billion.

Chart showing relative value of global silver mining productionvs jp morgan fines paid and bill Gates net worth

J.P. Morgan has paid fines in an amount worth more than 2.5 times the value of the entire 2013 global silver mining production.

Update September 15, 2015

chart showing relative value of silver mining production and JP morgan fines

The value of annual global silver mining production is less than $13 billion as of September 2015.

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Further Reading:

Silver Demand in Perspective

Silver ETF Holdings

Silver ETF outflows

Gold ETFS on the Rise Again

Silver Supply and Demand

Gold and Silver Price Manipulation -Suspected

Gold and Silver Manipulation – Actual

12 Ways Silver Is Different Than Gold

Silver vs the Dow

Silver vs the Dollar

Comex Gold Deliveries vs. the Shanghai Gold Exchange

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