The new floor for silver is about $50 per oz. It currently costs about $35 per oz, once you include yearly production costs plus the capital required to build infrastructure for new mines. Meaning, realistically silver prices have to stay above $50+ for new mines to get built to replace depleting mines. Forget about growing production, the industry is struggling to just maintain current levels of silver per year. Currently all of the mines around Earth combined produce about 820 million oz of silver per year. Recycling produces about 190 million oz, bringing the total produced to 1 billion oz per year. Demand is 1.15 to 1.2 billion oz per year. Global annual production of silver peaked in 2015-2016 at 900 million oz. Production has been trending down every year since then, despite prices rising from $15 to $30 per oz in 2021. And now prices increasing to $80+ per oz in 2026. Credit @toddoanthony CEO of Pacifica Silver Corp(Wall Street Mav)