May 5 brought the release of the World Silver Survey 2015, an extensive report completed annually by Thomson Reuters GFMS on behalf of the Silver Institute. The document outlines key silver price, supply and demand trends for 2014 and includes some information on what may be in store for 2015. To get a little more insight on those topics, Resource Investing News spoke with Andrew Leyland of Thomson Reuters GFMS. Here's what he had to say. Mine supply record Silver mine supply came to a record 877.5 million ounces in 2014, with total market supply (also including scrap and net hedging supply) reaching 1,061.8 million ounces, the highest level since 2010. While it might seem strange that mine production hit a record in a year that the silver price fared so poorly, Leyland explained that silver output was high in part because "70 percent of silver supply is just as a by-product, and it's completely insensitive to the price of silver. That's just because it's produced along with gold, copper, lead and zinc." Furthermore, he said, when it comes to primary silver producers, "most of the mines are still quite comfortably producing silver below what the silver price is. Their cash cost is below the silver price, so they're not having to restrict production." That said, those producers are having to make some other restrictions. Specifically, said Leyland, "what they are having to do is stop investment — they're not making the kind of margins where you would be investing in new mines at the moment, and that's why I think we're probably going to see that 2014 was the peak year for silver production."