Mining
Silver Bulls: Visualizing the Price of Silver
Silver Bulls: Visualizing the Price of Silver
Silver has always shown its value throughout history. From ancient coins to its use as a global currency during the Age of Discovery, silver has circulated the world to become an important financial asset. Its value continues to shine in the era of the modern finance industry.
Today’s infographic comes to us from New Pacific Metals and it takes a look at the bull markets in silver prices and the future of silver.
Silver Bulls: 1967 to Today
The late 1960s marked the beginning of the end for silver as currency, but also the start of its use in protecting and securing wealth.
In the United States, silver certificates were issued by the Treasury until late 1963, when the $1 Federal Reserve Note was released into circulation. After this, the remaining silver certificates were still redeemable for silver, but this practice ended in 1968.
Since then, silver has had several bull markets in which prices have increased—or as some silver aficionados may argue, the relative value of fiat currency has decreased.
Percentage Gain | Price Range (USD)* | Duration | |
---|---|---|---|
Silver Bull #1 (1967-68) | 49% | $12.50 - $18.58 | 13 months |
Silver Bull #2 (1971-74) | 274% | $8.45 - $31.59 | 27 months |
Silver Bull #3 (1976-80) | 544% | $18.40 - $118.50 | 48 months |
Silver Bull #4 (1986-87) | 40% | $12.47 - $17.48 | 12 months |
Silver Bull #5 (1993-95) | 39% | $6.47 - $9.00 | 27 months |
Silver Bull #6 (2001-11) | 827% | $6.01 - $55.69 | 113 months |
Silver Bull #7 (2015-Present?) | 90% | $15.04 - $28.53 | 56 months |
Source: MacroTrends
*Inflation-adjusted data using CPI from BLS, LBMA Monthly prices
That said, not all silver bull markets are the same, nor do they necessarily coincide with bull markets in the price of gold.
Performance: Gold vs. Silver
Despite being often referred to as “poor man’s gold”, silver has actually outperformed gold in five of the six previous bull markets for gold and silver.
There are two ways to look at how silver prices performed during these timeframes:
- We can compare silver price performance to corresponding peaks and troughs of the gold price
- We can also look at silver prices based on its own peaks and troughs, irrespective of gold
Often, gold prices move first with silver prices quickly following—but then, silver can outperform gold on its own timeline.
Gold Performance | Silver Performance | Silver Performance | |
---|---|---|---|
Based on gold's peaks and troughs | Based on silver's peaks and troughs | ||
Silver Bull #1 | 40% | -17% | 100% |
Silver Bull #2 | 455% | 144% | 432% |
Silver Bull #3 | 715% | 912% | 977% |
Silver Bull #4 | 78% | 27% | 94% |
Silver Bull #5 | 28% | 63% | 75% |
Silver Bull #6: | 636% | 904% | 45% |
Source: CPM Group (Nominal data)
More recently, prices of silver have been on an upward trend since 2015 and some would say we are in a new bull market for the precious metal. For however longer, it is anyone’s guess.
The Future of Silver?
While the future price direction of silver is difficult to predict, this doesn’t diminish the increasing importance of silver’s role as a metal in an electrified future.
As you can see in the demand breakdown below, silver is not only precious—it is useful:
Silver Demand (2019) | Millions of Ounces |
---|---|
Industrial | 510.9 |
...of which Photovoltaics | 98.7 |
Photography | 33.7 |
Jewelry | 201.3 |
Silverware | 59.8 |
Net Physical Investment | 186.1 |
Total Demand | 991.8 |
Source: Silver Institute
While silver’s uses and applications continue to grow, silver remains a safe haven investment from political uncertainty and economic distress—all while being a cheaper and better alternative to gold.
Mining
Visualizing the Uranium Mining Industry in 3 Charts
These visuals highlight the uranium mining industry and its output, as well as the trajectory of nuclear energy from 1960 to today.

When uranium was discovered in 1789 by Martin Heinrich Klaproth, it’s likely the German chemist didn’t know how important the element would become to human life.
Used minimally in glazing and ceramics, uranium was originally mined as a byproduct of producing radium until the late 1930s. However, the discovery of nuclear fission, and the potential promise of nuclear power, changed everything.
What’s the current state of the uranium mining industry? This series of charts from Truman Du highlights production and the use of uranium using 2021 data from the World Nuclear Association (WNA) and Our World in Data.
Who are the Biggest Uranium Miners in the World?
Most of the world’s biggest uranium suppliers are based in countries with the largest uranium deposits, like Australia, Kazakhstan, and Canada.
The largest of these companies is Kazatomprom, a Kazakhstani state-owned company that produced 25% of the world’s new uranium supply in 2021.
As seen in the above chart, 94% of the roughly 48,000 tonnes of uranium mined globally in 2021 came from just 13 companies.
Rank | Company | 2021 Uranium Production (tonnes) | Percent of Total |
---|---|---|---|
1 | 🇰🇿 Kazatomprom | 11,858 | 25% |
2 | 🇫🇷 Orano | 4,541 | 9% |
3 | 🇷🇺 Uranium One | 4,514 | 9% |
4 | 🇨🇦 Cameco | 4,397 | 9% |
5 | 🇨🇳 CGN | 4,112 | 9% |
6 | 🇺🇿 Navoi Mining | 3,500 | 7% |
7 | 🇨🇳 CNNC | 3,562 | 7% |
8 | 🇷🇺 ARMZ | 2,635 | 5% |
9 | 🇦🇺 General Atomics/Quasar | 2,241 | 5% |
10 | 🇦🇺 BHP | 1,922 | 4% |
11 | 🇬🇧 Energy Asia | 900 | 2% |
12 | 🇳🇪 Sopamin | 809 | 2% |
13 | 🇺🇦 VostGok | 455 | 1% |
14 | Other | 2,886 | 6% |
Total | 48,332 | 100% |
France’s Orano, another state-owned company, was the world’s second largest producer of uranium at 4,541 tonnes.
Companies rounding out the top five all had similar uranium production numbers to Orano, each contributing around 9% of the global total. Those include Uranium One from Russia, Cameco from Canada, and CGN in China.
Where are the Largest Uranium Mines Found?
The majority of uranium deposits around the world are found in 16 countries with Australia, Kazakhstan, and Canada accounting for for nearly 40% of recoverable uranium reserves.
But having large reserves doesn’t necessarily translate to uranium production numbers. For example, though Australia has the biggest single deposit of uranium (Olympic Dam) and the largest reserves overall, the country ranks fourth in uranium supplied, coming in at 9%.
Here are the top 10 uranium mines in the world, accounting for 53% of the world’s supply.
Of the largest mines in the world, four are found in Kazakhstan. Altogether, uranium mined in Kazakhstan accounted for 45% of the world’s uranium supply in 2021.
Uranium Mine | Country | Main Owner | 2021 Production |
---|---|---|---|
Cigar Lake | 🇨🇦 Canada | Cameco/Orano | 4,693t |
Inkai 1-3 | 🇰🇿 Kazakhstan | Kazaktomprom/Cameco | 3,449t |
Husab | 🇳🇦 Namibia | Swakop Uranium (CGN) | 3,309t |
Karatau (Budenovskoye 2) | 🇰🇿 Kazakhstan | Uranium One/Kazatomprom | 2,561t |
Rössing | 🇳🇦 Namibia | CNNC | 2,444t |
Four Mile | 🇦🇺 Australia | Quasar | 2,241t |
SOMAIR | 🇳🇪 Niger | Orano | 1,996t |
Olympic Dam | 🇦🇺 Australia | BHP Billiton | 1,922t |
Central Mynkuduk | 🇰🇿 Kazakhstan | Ortalyk | 1,579t |
Kharasan 1 | 🇰🇿 Kazakhstan | Kazatomprom/Uranium One | 1,579t |
Namibia, which has two of the five largest uranium mines in operation, is the second largest supplier of uranium by country, at 12%, followed by Canada at 10%.
Interestingly, the owners of these mines are not necessarily local. For example, France’s Orano operates mines in Canada and Niger. Russia’s Uranium One operates mines in Kazakhstan, the U.S., and Tanzania. China’s CGN owns mines in Namibia.
And despite the African continent holding a sizable amount of uranium reserves, no African company placed in the top 10 biggest companies by production. Sopamin from Niger was the highest ranked at #12 with 809 tonnes mined.
Uranium Mining and Nuclear Energy
Uranium mining has changed drastically since the first few nuclear power plants came online in the 1950s.
For 30 years, uranium production grew steadily due to both increasing demand for nuclear energy and expanding nuclear arsenals, eventually peaking at 69,692 tonnes mined in 1980 at the height of the Cold War.
Nuclear energy production (measured in terawatt-hours) also rose consistently until the 21st century, peaking in 2001 when it contributed nearly 7% to the world’s energy supply. But in the years following, it started to drop and flatline.
By 2021, nuclear energy had fallen to 4.3% of global energy production. Several nuclear accidents—Chernobyl, Three Mile Island, and Fukushima—contributed to turning sentiment against nuclear energy.
Year | Nuclear Energy Production | % of Total Energy |
---|---|---|
1965 | 72 TWh | 0.2% |
1966 | 98 TWh | 0.2% |
1967 | 116 TWh | 0.2% |
1968 | 148 TWh | 0.3% |
1969 | 175 TWh | 0.3% |
1970 | 224 TWh | 0.4% |
1971 | 311 TWh | 0.5% |
1972 | 432 TWh | 0.7% |
1973 | 579 TWh | 0.9% |
1974 | 756 TWh | 1.1% |
1975 | 1,049 TWh | 1.6% |
1976 | 1,228 TWh | 1.7% |
1977 | 1,528 TWh | 2.1% |
1978 | 1,776 TWh | 2.3% |
1979 | 1,847 TWh | 2.4% |
1980 | 2,020 TWh | 2.6% |
1981 | 2,386 TWh | 3.1% |
1982 | 2,588 TWh | 3.4% |
1983 | 2,933 TWh | 3.7% |
1984 | 3,560 TWh | 4.3% |
1985 | 4,225 TWh | 5% |
1986 | 4,525 TWh | 5.3% |
1987 | 4,922 TWh | 5.5% |
1988 | 5,366 TWh | 5.8% |
1989 | 5,519 TWh | 5.8% |
1990 | 5,676 TWh | 5.9% |
1991 | 5,948 TWh | 6.2% |
1992 | 5,993 TWh | 6.2% |
1993 | 6,199 TWh | 6.4% |
1994 | 6,316 TWh | 6.4% |
1995 | 6,590 TWh | 6.5% |
1996 | 6,829 TWh | 6.6% |
1997 | 6,782 TWh | 6.5% |
1998 | 6,899 TWh | 6.5% |
1999 | 7,162 TWh | 6.7% |
2000 | 7,323 TWh | 6.6% |
2001 | 7,481 TWh | 6.7% |
2002 | 7,552 TWh | 6.6% |
2003 | 7,351 TWh | 6.2% |
2004 | 7,636 TWh | 6.2% |
2005 | 7,608 TWh | 6% |
2006 | 7,654 TWh | 5.8% |
2007 | 7,452 TWh | 5.5% |
2008 | 7,382 TWh | 5.4% |
2009 | 7,233 TWh | 5.4% |
2010 | 7,374 TWh | 5.2% |
2011 | 7,022 TWh | 4.9% |
2012 | 6,501 TWh | 4.4% |
2013 | 6,513 TWh | 4.4% |
2014 | 6,607 TWh | 4.4% |
2015 | 6,656 TWh | 4.4% |
2016 | 6,715 TWh | 4.3% |
2017 | 6,735 TWh | 4.3% |
2018 | 6,856 TWh | 4.2% |
2019 | 7,073 TWh | 4.3% |
2020 | 6,789 TWh | 4.3% |
2021 | 7,031 TWh | 4.3% |
More recently, a return to nuclear energy has gained some support as countries push for transitions to cleaner energy, since nuclear power generates no direct carbon emissions.
What’s Next for Nuclear Energy?
Nuclear remains one of the least harmful sources of energy, and some countries are pursuing advancements in nuclear tech to fight climate change.
Small, modular nuclear reactors are one of the current proposed solutions to both bring down costs and reduce construction time of nuclear power plants. The benefits include smaller capital investments and location flexibility by trading off energy generation capacity.
With countries having to deal with aging nuclear reactors and climate change at the same time, replacements need to be considered. Will they come in the form of new nuclear power and uranium mining, or alternative sources of energy?
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