SILVER

        (Data in metric tons1/ of silver content, unless noted)
                                   
Domestic Production and Use:  Silver produced by about 120 mines in 18 States had an
estimated value of $250 million.  The following four States accounted for nearly
three-fourths of the 1995 mine production:  Nevada, 44%; Arizona, 11%; Idaho, 11%;
and Montana, 5%.   Precious metal ores accounted for approximately one-half of
domestic silver production; the other one-half was recovered from base metal ores. 
There were 22 principal refiners of commercial-grade silver.  About 30 fabricators
accounted for more than 90% of the silver consumed in arts and industry.  The
remainder was consumed mostly by small companies and artisans.  The largest silver
fabricators were principally in the Northeast.  Approximately 50% of the refined
silver consumed domestically in 1995 was used in the manufacture of photographic
products; 20% in electrical and electronic products; 10% in electroplated ware,
sterlingware, and jewelry; and 20% in other uses.

Salient Statistics--United States:   1991     1992     1993     1994     1995e/
Production: Mine                    1,860    1,800    1,640    1,480    1,500
            Refinery: Primary       1,880    2,160    1,790    1,810    1,800
                      Recycled      1,700    1,760    2,020    1,700    1,700
Imports for consumption2/           2,700    3,220    2,500    2,600    3,000
Exports2/                             841    1,010      811      967    1,500
Shipments from Government 
 stockpile excesses                   255      356      404      186      300
Price, average, New York, 
 dollars per troy ounce              4.04     3.94     4.30     5.29     5.30
Stocks, yearend:
 Treasury Department3/              1,030      775      912      882      850
 COMEX, CBT4/                       8,760    9,380   10,500   10,400    6,000
 Department of Defense                 23       29       34       15       20
Employment, mine and mill5/         1,900    1,600    1,100    1,000    1,000

Recycling:  About 2,000 metric tons of silver was recovered from recycled material in
1995. 

Import Sources2/ (1991-94):  Mexico, 38%; Canada, 33%; Peru, 16%; Chile, 10%; and
other, 3%.

Tariff:  No duties are imposed on imports of unrefined silver or refined bullion.

Depletion Allowance:  15% (Domestic), 14% (Foreign).

Government Stockpile:

                       Stockpile Status--9-30-95

             Uncommitted   Committed   Authorized    Disposals
Material      inventory    inventory  for disposal Jan.-Sept. 95
Silver          1,450         --          1,450         232

Prepared by Robert G. Reese, Jr., (703) 648-4980.

                                SILVER

Events, Trends, and Issues:  Domestic silver production remained essentially
unchanged from the previous year, despite a slight improvement in the average price. 
Although analysts estimated that domestic silver consumption increased in 1995, it
was believed that the increase was met through a decrease in investor-held stocks.

The Government continued to dispose of the silver held in the National Defense
Stockpile, using it primarily for the production of commemorative coins and the Eagle
silver bullion coins.  In nearly 14 years, from 1982 through late 1995, the
Government has reduced the quantity of silver held in the stockpile from nearly 4,300
metric tons to less than 1,500 metric tons.

In 1995, the average silver price remained essentially unchanged from the previous
year.  Through the first 9 months, the daily price ranged between $4.39 and $6.02 per
troy ounce.       

World Mine Production, Reserves, and Reserve Base:
                           Mine production    Reserves6/ Reserve base6/
                            1994      1995e/
United States              1,480     1,500      31,000        72,000
Australia                  1,060     1,100      29,000        33,000
Canada                       758       900      37,000        47,000
Mexico                     2,330     2,200      37,000        40,000
Peru                       1,700     1,600      25,000        37,000
Other countries            6,570     6,600     120,000       190,000
 World total (rounded)    13,900    14,000     280,000       420,000

World Resources:  Approximately two-thirds of world silver resources are associated
with copper, lead, and zinc deposits.  The remaining one-third is in vein deposits in
which silver is the most valuable metallic component.  Although most recent
discoveries have been primarily gold and silver deposits, significant future reserves
and resources are expected from major base metal discoveries that contain byproduct
silver.

Substitutes:  Aluminum and rhodium substitute for silver in mirrors and other
reflecting surfaces.  Tantalum can be used in place of silver for surgical plates,
pins, and sutures.  Stainless steel is an alternate material used widely in the
manufacture of table flatware.  Nonsilver batteries being developed may replace
silver batteries in some applications.  Silverless black and white film, film with
reduced silver content, and xerography are alternatives to some uses of silver in
photography.

e/Estimated.  
1/One metric ton (1,000 kilograms) = 32,150.7 troy ounces
2/Refined bullion, plus silver content of ores, concentrates, precipitates, and dor‚;
excludes coinage, and waste and scrap material.
3/Balance in Mint only.
4/COMEX:  Commodity Exchange Inc., New York.  CBT:  Chicago Board of Trade.
5/Source:  Mine Safety and Health Administration.
6/Includes silver recoverable as a byproduct of base metal ores.  See Appendix C for
definitions.

                              Mineral Commodity Summaries, January 1996