As silver prices started to decline last year, silver mining companies halted projects where costs were too high in relation to the new reality of silver prices. According to a report produced for the Silver Institute and created by Thomson Reuters GFMS, in 2013, the silver supply fell to 985.1 million ounces, down from 1,005.3 million ounces a year earlier—a two-percent drop in production. (Source: The Silver Institute web site, last accessed October 1, 2014.) But demand for silver was increasing over the same period. While silver prices were declining (from the same report), demand for silver in 2013 increased 13% to 1,081 million ounces, compared to 954 million ounces in 2012.
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