Weekly demand
Who buys the most silver each week
One leaderboard across the three kinds of buyer that actually move metal: countries consuming it in factories and jewellery, funds holding bars for investors, and mints striking coins. Fund rows are live market data. Country and mint rows are weekly run rates from published annual figures — baselines, not this week's prints.
Combined leaderboard
Ranked by estimated or implied million ounces bought per week
iShares Silver Trust (SLV)
NYSE Arca · 0.90× average volume
66.17 M oz
$3.57B / week
Live market data
abrdn Physical Silver Shares (SIVR)
NYSE Arca · 1.56× average volume
11.94 M oz
$644.0M / week
Live market data
Sprott Physical Silver Trust (PSLV)
NYSE Arca / TSX · 0.91× average volume
9.85 M oz
$531.2M / week
Live market data
China
Solar cells, electronics, industrial plating
5.00 M oz
$269.7M / week
Estimated run rate
India
Jewellery, silverware, bar hoarding, solar
3.65 M oz
$197.1M / week
Estimated run rate
United States
Electronics, autos, coins and bars
2.69 M oz
$145.2M / week
Estimated run rate
Nippon India Silver ETF (SILVERBEES)
NSE India · 0.67× average volume
2.54 M oz
$136.9M / week
Live market data
Japan
Electronics, brazing alloys, photovoltaics
1.83 M oz
$98.6M / week
Estimated run rate
Germany
Automotive electronics, industrial
0.81 M oz
$43.6M / week
Estimated run rate
South Korea
Semiconductors and display manufacturing
0.77 M oz
$41.5M / week
Estimated run rate
iShares Physical Silver ETC (SSLN)
London (GBp) · 0.58× average volume
0.71 M oz
$38.3M / week
Live market data
Taiwan
Chip packaging and electronics
0.50 M oz
$27.0M / week
Estimated run rate
Italy
Jewellery and silverware manufacturing
0.46 M oz
$24.9M / week
Estimated run rate
Mexico
Jewellery, coins, industrial
0.38 M oz
$20.7M / week
Estimated run rate
Global X Physical Silver (ETPMAG)
ASX · 1.02× average volume
0.37 M oz
$20.0M / week
Live market data
Thailand
Jewellery export manufacturing
0.35 M oz
$18.7M / week
Estimated run rate
Swisscanto (CH) Silver ETF (ZSIL)
SIX Swiss · 0.60× average volume
0.29 M oz
$15.8M / week
Live market data
US Mint (American Eagle)
1 oz Silver Eagle bullion sales
0.29 M oz
$15.6M / week
Estimated run rate
United Kingdom
Industrial and investment demand
0.27 M oz
$14.5M / week
Estimated run rate
Royal Canadian Mint (Maple Leaf)
Maple Leaf bullion coins
0.27 M oz
$14.5M / week
Estimated run rate
Canada
Industrial and Maple Leaf coin demand
0.23 M oz
$12.4M / week
Estimated run rate
Perth Mint
Kangaroo, Koala and cast bars
0.17 M oz
$9.3M / week
Estimated run rate
Japan Physical Silver ETF (1542)
Tokyo · 0.18× average volume
0.14 M oz
$7.7M / week
Live market data
Austrian Mint (Philharmonic)
Vienna Philharmonic bullion
0.12 M oz
$6.2M / week
Estimated run rate
Britannia / Royal Mint
Britannia bullion coins
0.10 M oz
$5.2M / week
Estimated run rate
WisdomTree Physical Silver (PHAG)
London (USD) · 0.87× average volume
0.09 M oz
$4.9M / week
Live market data
China Mint (Panda)
Silver Panda bullion coins
0.08 M oz
$4.1M / week
Estimated run rate
Countries
16.9 M oz / week combined
China
Solar cells, electronics, industrial plating
5.00 M oz
$269.7M / week
Estimated run rate
India
Jewellery, silverware, bar hoarding, solar
3.65 M oz
$197.1M / week
Estimated run rate
United States
Electronics, autos, coins and bars
2.69 M oz
$145.2M / week
Estimated run rate
Japan
Electronics, brazing alloys, photovoltaics
1.83 M oz
$98.6M / week
Estimated run rate
Germany
Automotive electronics, industrial
0.81 M oz
$43.6M / week
Estimated run rate
South Korea
Semiconductors and display manufacturing
0.77 M oz
$41.5M / week
Estimated run rate
Taiwan
Chip packaging and electronics
0.50 M oz
$27.0M / week
Estimated run rate
Italy
Jewellery and silverware manufacturing
0.46 M oz
$24.9M / week
Estimated run rate
Mexico
Jewellery, coins, industrial
0.38 M oz
$20.7M / week
Estimated run rate
Thailand
Jewellery export manufacturing
0.35 M oz
$18.7M / week
Estimated run rate
United Kingdom
Industrial and investment demand
0.27 M oz
$14.5M / week
Estimated run rate
Canada
Industrial and Maple Leaf coin demand
0.23 M oz
$12.4M / week
Estimated run rate
Funds & ETFs
92.1 M oz / week combined
iShares Silver Trust (SLV)
NYSE Arca · 0.90× average volume
66.17 M oz
$3.57B / week
Live market data
abrdn Physical Silver Shares (SIVR)
NYSE Arca · 1.56× average volume
11.94 M oz
$644.0M / week
Live market data
Sprott Physical Silver Trust (PSLV)
NYSE Arca / TSX · 0.91× average volume
9.85 M oz
$531.2M / week
Live market data
Nippon India Silver ETF (SILVERBEES)
NSE India · 0.67× average volume
2.54 M oz
$136.9M / week
Live market data
iShares Physical Silver ETC (SSLN)
London (GBp) · 0.58× average volume
0.71 M oz
$38.3M / week
Live market data
Global X Physical Silver (ETPMAG)
ASX · 1.02× average volume
0.37 M oz
$20.0M / week
Live market data
Swisscanto (CH) Silver ETF (ZSIL)
SIX Swiss · 0.60× average volume
0.29 M oz
$15.8M / week
Live market data
Japan Physical Silver ETF (1542)
Tokyo · 0.18× average volume
0.14 M oz
$7.7M / week
Live market data
WisdomTree Physical Silver (PHAG)
London (USD) · 0.87× average volume
0.09 M oz
$4.9M / week
Live market data
Mints
1.0 M oz / week combined
US Mint (American Eagle)
1 oz Silver Eagle bullion sales
0.29 M oz
$15.6M / week
Estimated run rate
Royal Canadian Mint (Maple Leaf)
Maple Leaf bullion coins
0.27 M oz
$14.5M / week
Estimated run rate
Perth Mint
Kangaroo, Koala and cast bars
0.17 M oz
$9.3M / week
Estimated run rate
Austrian Mint (Philharmonic)
Vienna Philharmonic bullion
0.12 M oz
$6.2M / week
Estimated run rate
Britannia / Royal Mint
Britannia bullion coins
0.10 M oz
$5.2M / week
Estimated run rate
China Mint (Panda)
Silver Panda bullion coins
0.08 M oz
$4.1M / week
Estimated run rate
Is the market paying up for metal today?
Heavy buying shows up in the futures curve before it shows up in the vault reports.
Forward curve
Contango
Contango — silver for later delivery costs more than silver today
- Front (SIZ26)
- $53.81
- Later (SIH27)
- $54.52
- Spread (3m)
- +0.72
- Annualised carry
- +5.42%
The later COMEX contract (SIH27.CMX, $54.52) is trading above the front one (SIZ26.CMX, $53.81), an annualised 5.42% carry. This is the normal, comfortable shape: metal is available today, so holders are compensated for storage, insurance and interest while they wait. It tells you the immediate physical market is not stressed — bearish for a squeeze narrative, neutral for the long-term price.
Cheaper carry than 0% of the past year · 0 of the last 90 trading days in backwardation
Derived from the two front COMEX silver futures contracts (Yahoo Finance market data, delayed). Curve shape describes the physical market's current stress, not a price forecast. Informational only, not investment advice.
Country and mint figures are weekly run rates derived from published annual demand and coin sales — baselines, not this week's prints. Fund figures are live market data: five days of traded value converted to ounces at spot, which measures turnover rather than confirmed bar purchases. Informational only, not investment advice.
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