First Majestic Silver Corp at BMO Capital Markets Global Metals & Mining Conference Transcript
Okay. So I'm not going to spend a ton of time on silver. I think all of you that's following this space should do your work. So the supply-demand fundamentals of silver have never been better. The miners in -- we don't have the 2021 numbers yet, but the 2020 numbers, 760 million ounces; 2019 numbers, 830 million ounces. That we've got drop is really due to COVID. You can see peak silver arrived in 2015 at 890 million ounces.
The world has been consuming around a billion -- a little bit over a billion a year for the last couple of decades, actually. Some reports have come out and suggested that consumption in 2022 is going to hit 1.4 billion. Of course, we don't know if that's going to happen or not.
But I think the most important number on this slide is really the mining ratio. We're trading at about 75 to 1, give or take, depending on the day. But we're actually mining as an industry -- as a mining industry, only seven to one for -- so for every 1 ounce of gold being mined worldwide, we're only mining 7 ounces of silver.
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