According to the Silver Institute:
The world produces about 1 BILLION ounces of silver per year.
Yet, We only USE about 500 million ounces per year (half of what we produce).
The other 500 million ounces per year are stored (for future use) in one form or another including bars and coins.
The world is FLOODED in thousands of tons of excess stored silver and the massive piles of stored silver are growing each year
Making matters worse for silver prices is the fact that we are getting better at recycling silver. So more and more of the "used" silver can be reclaimed.
Since silver is mined for a cash cost of $1 - $5 per ounce, expect to see silver prices crash to $7 or $8 again and again as they did just 4 years ago.