There is not enough silver left in the earth to cover all the paper contracts. To the Moon!

Research suggests paper silver totals around 505.6 billion ounces, valued at $18.71 trillion at $37/oz, based on a 408:1 paper-to-physical ratio. It seems likely that mining enough physical silver to back all paper claims is impossible, given production limits and declines. The evidence leans toward a long timeline, potentially over 616 years at current rates, but declining production makes it infeasible. Total Paper Silver and Market Value Based on recent data, the paper to physical silver ratio is reported as 408:1, meaning for every ounce of physical silver, there are 408 ounces of paper silver claims. Using the latest identifiable above-ground stocks of 1,239.2 million ounces from the World Silver Survey 2025, the total paper silver is estimated at approximately 505.6 billion ounces. At a price of $37 per ounce, the current market value is about $18.71 trillion. These figures highlight the risks if investors shift toward physical silver. Time to Mine Physical Silver Mining enough physical silver to back all paper claims would require producing an additional 504.4 billion ounces, far exceeding current capabilities. Annual mine production is around 820 million ounces, declining at 1.7% per year. Even without the decline, it would take over 616 years at current rates. With the decline, the total cumulative production from now to infinity is only about 48.2 billion ounces, making it impossible within a reasonable timeframe. This underscores the market’s reliance on paper instruments and potential instability if physical demand surges.