The last I remember reading a few months back is that 70% of the annual silver output comes as a byproduct from base mining operations plus some others.

Also I recall that Paul VanEden was one of the first business writers to call the decline in base metal prices some time back from the premise that industrial production would contract.

All I know is from reading is that some base metal projects are being delayed while some other active mines are being put on "care and maintenance programs" thus restricting some flow of silver to market.