First Majestic Silver Corp at 121 Mining Investment London Conference Transcript
I've only got 9.5 minutes I'm told, which is kind of tough to talk about a $3.5 billion company in that amount of time. But nevertheless, we'll talk about silver a little bit. The most important number on this slide is the seven-to-one number on the bottom as a mining industry. For every 1 ounce of gold being mined worldwide, only 7 ounces for silver is being mined.
You see silver production peaked in 2016 at 880 million ounces annually. Since last year, 2020, we're down at about 740 million ounces. We're expecting 2021 might be a little bit of an improvement. We're expecting to see it closer to 800 million ounces.
But nevertheless, we're consuming over 1 billion ounces of silver annually. And we're in deficits and have been in deficits for over a decade. And it's getting to be pretty critical situation. It hasn't shown up in price really to any great degree.
When I put the company together back in '22, silver is trading at $5. It's $25 today. So it's not that bad. But it's the only metal that has not
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