Is the mine supply of silver elastic or inelastic?

Inelastic because nearly 70% of mine production of silver is a byproduct of mining other metals and only 30% is mined from primary silver mines.

Therefore mine supply is largely inelastic and hence it is not easy to economically increase production by a substantial amount.New silver mines take at least three to four years to become completely operational.

For example, though the silver price peaked during 1979, it was only by 1983 that the new mines became completely operational.

In conclusion, this means investors will profit from price increases because the supply of silver will take a long time to supply more silver or less silver based on the price.