Some Silver Refining Orders Face Months-Long Delays, Scottsdale Mint CEO Says
Josh Phair said finished refined silver remains amply available in the United States, while some refinery orders lag three to four months.
Some silver refining orders are running three to four months behind while finished refined silver remains amply available in the United States, Scottsdale Mint CEO Josh Phair said in a Sept. 23 interview.
The delays vary by material, Phair said. Banks were redirecting mined material to refineries in countries considered friendly to the United States, where facilities had been backed up for roughly a year.
That suggests the reported delay concerns the processing of incoming material rather than an immediate shortage of finished refined silver in the U.S. market.
Phair said tariff concerns contributed to a large inflow of silver into the United States during the prior year. He said metal could later move to markets offering higher exchange-for-physical premiums, with a difference of 10 or 20 cents per ounce potentially enough to justify large shipments.
“Metal will go where it’s treated best,” Phair said.
The United States included silver in its final 2025 List of Critical Minerals, which contains 60 minerals. Silver is used in electrical circuits, batteries, solar cells and antibacterial medical instruments.
Global silver mine production reached an estimated 26,000 metric tons in 2025, up from 25,300 metric tons in 2024.
The White House announced Project Vault on Feb. 2, 2026, describing it as a critical-mineral stockpile for American businesses. The announcement did not say whether Project Vault includes or has acquired silver.
