Strategic Resource Intelligence
Silver
—
USD / troy oz
—
Connecting to provider
SilverWars research desk · Public data audit
The Silver Institute audit.
Evidence reviewed 02 October 2026 · Research snapshot v1.5
Overview & findings
Choose a part of the audit.
Follow the numbers, examine the funding or trace the people behind the contracts. Each module brings its evidence, tools and source records together.
The evidence at a glance
Read the footnotes before the headline.
From its founding in 1971 to the 2026 survey: what the Institute reports, how the methods changed, and what the public record can actually support.
A deficit is a calculation. Its meaning depends on the coverage, the categories and the edition. This independent review preserves those differences so the evidence can be checked.
1971–2026Historical estimates + forecasts
37Survey and historical PDFs indexed
4,821Edition-preserving observations
20Archived Form 990 PDFs
The Silver Institute overview, annual reports and tax-filing archive are consolidated here. Explore survey data and report editions in the historical database, and browse the original tax returns in the Form 990 module.
Findings from the public record.
The record supports specific concerns about comparability, revisions and reproducibility. It does not establish that industry funding caused a particular estimate or that every reported deficit measures immediately available metal.
01Historical coverage1971 is the founding date, not the first annual survey.
The annual survey series starts in 1990. The 1991 report supplies retrospective estimates back to 1950. A figure labeled 1971 in that report is an estimate assembled later, not a publication issued in 1971.
Audit judgment. Date the measurement year and the report edition separately. Claims about what observers knew at the time need a contemporaneous source.
1991 survey · PDF p5 ↗ · 1991 survey · PDF p14 ↗ · 1994 survey · PDF p5 ↗
02Statistical breakGeographic coverage changes the historical totals.
The 1995 survey expands coverage of China and the former Soviet Union and explains that earlier surveys lacked their fabrication and scrap estimates. For earlier bloc demand, it uses inferred figures. The resulting global backcast differs in scope from the earlier CPM series.
Audit judgment. Treat that difference as a coverage change before interpreting it as a change in real production or demand.
03Accounting methodA balanced accounting table is not evidence of no physical shortfall.
Earlier GFMS tables place implied investment or disinvestment inside the supply and demand totals. Those totals consequently balance. The 2014 framework instead reports physical demand and a physical surplus or deficit before ETP and exchange-inventory adjustments.
Audit judgment. The earlier zero difference and the later physical balance are different quantities. Do not splice them into one deficit series.
2005 survey · PDF p8 ↗ · 2013 survey · PDF p10 ↗ · 2014 survey · PDF p10 ↗
04Category definition“Industrial” has not always meant the same thing.
In the 2014–2019 GFMS summary tables, photography is included within industrial fabrication. Metals Focus reports photography separately in the 2020 table. Early CPM non-coin fabrication is broader still; it is retained as its own measure here.
Audit judgment. A provider or label change can produce an apparent trend without an equivalent change in physical use. Keep the original labels and category boundaries.
1991 survey · PDF p14 ↗ · 2019 survey · PDF p10 ↗ · 2020 survey · PDF p9 ↗
05Edition evidenceRevisions can be material. Forecast errors are a different comparison.
The 2021 industrial estimate rises from 508.2 Moz in the 2022 report to 564.1 Moz in the 2026 report. Separately, the 2025 report forecasts a 117.6 Moz deficit for 2025, while the 2026 report estimates a 40.3 Moz deficit. That second pair compares a forecast with a later estimate.
Audit judgment. Preserve both versions and their status. The change is measurable; its cause requires further evidence about revised inputs, coverage and categories.
2022 survey · PDF p9 ↗ · 2025 survey · PDF p11 ↗ · 2026 survey · PDF p11 ↗
06Investment treatmentETP flows change the balance being described.
For 2025, the 2026 report shows a market balance of −40.3 Moz and net ETP investment of 278.1 Moz. Its balance after ETP flows is −318.4 Moz. These are separate accounting views. GFMS net balance also includes exchange-inventory changes.
Audit judgment. Name the balance used in any shortage claim. Do not add an ETP adjustment twice, or assume the balance directly measures deliverable inventory.
07Reproducibility limitPublic inputs are only part of the estimation process.
The 2026 methodology describes public trade, hallmarking and company data combined with industry interviews. The reviewed notes and global summary table do not provide an input ledger with interview weights or measure-specific confidence intervals. GFMS itself discusses error boundaries in its 2019 summary.
Audit judgment. Source-linked estimates can be useful without being independently reproducible from the published tables. Decimal precision should not be mistaken for a measured uncertainty range.
2019 survey · PDF p10 ↗ · 2026 survey · PDF p7 ↗ · 2026 survey · PDF p90 ↗
08Arithmetic observationSmall printed reconciliation differences should remain visible.
In the 1996 summary, the printed fabrication components for 1993 and 1994 sum to 0.4 and 0.3 Moz less than the printed fabrication totals. The discrepancy is small, and the figures have been visually checked against the scan.
Audit judgment. Retain the printed figures and disclose the difference. Do not silently rebalance the table or infer misconduct from it.
Institute & timeline
One institution. Several statistical eras.
The Silver Institute Inc.
Established in 1971, the Silver Institute is a nonprofit international industry association. Its membership includes silver mining companies, refiners, bullion suppliers, manufacturers of silver products and wholesalers of silver investment products. Its remit includes developing silver markets and increasing public understanding of silver’s uses.
Institute history and remit ↗- 1971
The Institute is founded.
An industry association with a remit that includes expanding silver use and publishing market research. Organizational inception is separate from the survey series.
Institute history ↗ - 1990–1994
CPM Group establishes the series.
The 1950–1990 compilation and early annual surveys reconstruct earlier decades. Country coverage expands; the 1994 preface describes demand data for 16 countries.
1994 preface · PDF p5 - 1995
GFMS broadens geographic coverage.
The survey introduces global estimates incorporating China and the CIS. Pre-1990 bloc demand is partly inferred. The report explicitly marks a statistical break.
1995 summary · PDF p7 - 2014–2019
A physical-balance framework.
GFMS tables distinguish physical demand, physical surplus or deficit, and a net balance after ETP and exchange inventory movements. Photography appears inside industrial fabrication.
2014 summary · PDF p10 - 2020
Metals Focus takes over.
A new research provider supplies a revised historical series. Photography is separate from industrial demand; the headline balance and balance after ETP flows are separately reported.
2020 summary · PDF p9 - 2026
The current evidence snapshot.
The 2026 report estimates 2025 outcomes and forecasts 2026. Earlier years continue to change between editions. This audit retains the versions instead of overwriting them.
2026 summary · PDF p11
Historical database
Follow a measure through the record.
All figures are in million troy ounces (Moz). “Latest indexed estimate” selects the newest transcribed estimate for each year and measure. It is an assembled historical view with marked breaks in coverage and method.
Survey PDF references appear alongside the figures in the table.
Mine production · Latest indexed estimates · 1971–2026
Hover or focus a point for its year, value and source. Use the arrow keys to move between points; press Enter to open the PDF. Separate line segments mark provider, coverage or definition changes. Forecast points are outlined.
| Year | Moz | Research provider | Source edition | Coverage / definition |
|---|---|---|---|---|
| 2026 F | 844.1 | Metals Focus | 2026 · PDF p11 | Global · Forecast |
| 2025 | 846.6 | Metals Focus | 2026 · PDF p11 | Global |
| 2024 | 823.6 | Metals Focus | 2026 · PDF p11 | Global |
| 2023 | 810.7 | Metals Focus | 2026 · PDF p11 | Global |
| 2022 | 833.7 | Metals Focus | 2026 · PDF p11 | Global |
| 2021 | 825.4 | Metals Focus | 2026 · PDF p11 | Global |
| 2020 | 790.3 | Metals Focus | 2026 · PDF p11 | Global |
| 2019 | 837.3 | Metals Focus | 2026 · PDF p11 | Global |
| 2018 | 850.3 | Metals Focus | 2026 · PDF p11 | Global |
| 2017 | 862.7 | Metals Focus | 2026 · PDF p11 | Global |
| 2016 | 900.1 | Metals Focus | 2025 · PDF p11 | Global |
| 2015 | 896.8 | Metals Focus | 2024 · PDF p12 | Global |
| 2014 | 882.0 | Metals Focus | 2023 · PDF p10 | Global |
| 2013 | 845.3 | Metals Focus | 2022 · PDF p9 | Global |
| 2012 | 795.9 | Metals Focus | 2021 · PDF p9 | Global |
| 2011 | 760.1 | Metals Focus | 2020 · PDF p9 | Global |
| 2010 | 753.0 | GFMS | 2019 · PDF p10 | Global |
| 2009 | 717.3 | GFMS | 2019 · PDF p10 | Global |
| 2008 | 684.7 | GFMS | 2018 · PDF p10 | Global |
| 2007 | 667.7 | GFMS | 2017 · PDF p10 | Global |
| 2006 | 643.4 | GFMS | 2016 · PDF p10 | Global |
| 2005 | 639.9 | GFMS | 2015 · PDF p10 | Global |
| 2004 | 613.6 | GFMS | 2014 · PDF p10 | Global |
| 2003 | 597.2 | GFMS | 2013 · PDF p10 | Global |
| 2002 | 594.5 | GFMS | 2012 · PDF p10 | Global |
| 2001 | 606.2 | GFMS | 2011 · PDF p10 | Global |
| 2000 | 591.0 | GFMS | 2010 · PDF p10 | Global |
| 1999 | 556.9 | GFMS | 2009 · PDF p9 | Global |
| 1998 | 542.2 | GFMS | 2008 · PDF p9 | Global |
| 1997 | 520.0 | GFMS | 2007 · PDF p8 | Global |
| 1996 | 490.9 | GFMS | 2006 · PDF p8 | Global |
| 1995 | 483.0 | GFMS | 2005 · PDF p8 | Global |
| 1994 | 451.0 | GFMS | 2004 · PDF p8 | Global |
| 1993 | 469.9 | GFMS | 2003 · PDF p8 | Global |
| 1992 | 487.5 | GFMS | 2002 · PDF p7 | Global |
| 1991 | 512.8 | GFMS | 2001 · PDF p7 | Global |
| 1990 | 524.5 | GFMS | 2000 · PDF p7 | Global |
| 1989 | 469.1 | GFMS | 1997 · PDF p7 | GFMS global; pre-1990 demand partly imputed |
| 1988 | 454.1 | GFMS | 1997 · PDF p7 | GFMS global; pre-1990 demand partly imputed |
| 1987 | 439.0 | GFMS | 1997 · PDF p7 | GFMS global; pre-1990 demand partly imputed |
| 1986 | 420.9 | GFMS | 1996 · PDF p7 | GFMS global; pre-1990 demand partly imputed |
| 1985 | 428.0 | GFMS | 1995 · PDF p7 | GFMS global; pre-1990 demand partly imputed |
| 1984 | 327.8 | CPM | 1991 · PDF p14 | CPM earlier geographic coverage |
| 1983 | 313.6 | CPM | 1991 · PDF p14 | CPM earlier geographic coverage |
| 1982 | 297.0 | CPM | 1991 · PDF p14 | CPM earlier geographic coverage |
| 1981 | 287.5 | CPM | 1991 · PDF p14 | CPM earlier geographic coverage |
| 1980 | 264.6 | CPM | 1991 · PDF p14 | CPM earlier geographic coverage |
| 1979 | 272.0 | CPM | 1991 · PDF p14 | CPM earlier geographic coverage |
| 1978 | 266.8 | CPM | 1991 · PDF p14 | CPM earlier geographic coverage |
| 1977 | 263.3 | CPM | 1991 · PDF p14 | CPM earlier geographic coverage |
| 1976 | 242.9 | CPM | 1991 · PDF p14 | CPM earlier geographic coverage |
| 1975 | 239.0 | CPM | 1991 · PDF p14 | CPM earlier geographic coverage |
| 1974 | 236.6 | CPM | 1991 · PDF p14 | CPM earlier geographic coverage |
| 1973 | 254.0 | CPM | 1991 · PDF p14 | CPM earlier geographic coverage |
| 1972 | 248.9 | CPM | 1991 · PDF p14 | CPM earlier geographic coverage |
| 1971 | 247.3 | CPM | 1991 · PDF p14 | CPM earlier geographic coverage |
1971–1984 use retrospective CPM estimates with earlier geographic coverage. The later global backcasts are separately identified. A dash means the source printed a dash; it is not silently treated as zero.
Compare editions
The year stays the same. The estimate can change.
Compare what two editions said about the same year. Provider changes, category changes and forecast-to-estimate changes are flagged. The difference alone does not explain why an estimate changed.
2021 industrial demand / worked example
2022 edition508.2 Moz
2026 edition564.1 Moz
Change in reported estimate+55.9 Moz / +11.0%
Both are Metals Focus estimates for 2021. The public summary tables establish the change; a complete explanation requires the underlying category revisions.
Methods & checks
Define the quantity being counted.
How much above-ground silver is ready for demand?
Key audit finding: global market availability remains unresolved. Despite more than three decades of annual reporting, the published record does not provide a comprehensive measure of silver available to industrial or investment buyers at a specified time, price, location and delivery deadline. The surveys provide dated stock snapshots and selected liquidity estimates.
| Date | Reported quantity | Moz | Coverage |
|---|---|---|---|
| Year-end 2025 | Identifiable bullion inventories | 1,394.5 | London vaults, CME, SGE, SHFE and the report’s “Other” category. |
| End September 2025 | Estimated London “free float” | 136 | Metals Focus estimate after accounting for physically backed products in London. |
2026 survey · PDF p28 / printed p26 ↗. These figures have different dates and coverage. Neither is a global total offered for sale.
What the inventory figures leave unresolved
- Coverage and timing. London vault reporting is monthly, one month in arrears, and covers specified custodians within the M25. It excludes jewelry and some private holdings. A dated venue snapshot cannot resolve availability everywhere at any moment. LBMA coverage and reporting notes ↗
- Overlapping holdings. Metal backing exchange-traded products can already be inside vault totals. Adding ETP holdings again double counts it. Any subtraction must match the same date and custody geography; global ETP holdings cannot simply be subtracted from selected venues. The residual also needs evidence about other allocations and owners’ willingness to release metal. LBMA’s 2021 analysis of allocations and location ↗
- Delivery status and assumptions. COMEX “eligible” silver meets contract specifications without an issued warrant; “registered” silver has a warrant. CME’s January 2026 filing discounts eligible stocks by 50% for its underlying SI deliverable-supply estimate, using a three-year average. It reports no clear consensus on long-term investment holdings. That assumption is not a measurement of how much is actually offered today. CME Exhibit F · PDF pp10–11 ↗
- Form and movement. Some metal needs refining or transport before it can satisfy a buyer’s requirements. Bullion, retail products and industrial inputs are not automatically interchangeable on the same delivery schedule. LBMA discussion of conversion and logistics ↗
The availability question we would measure
How much silver of a specified form and purity can reach a specified location, by a specified date, at a stated price? This is SilverWars’ proposed audit definition. A defensible estimate would reconcile dated venue holdings, overlapping allocations, commitments, stock movements and evidence of offers, refining capacity and delivery times. Report the measured coverage and unknowns alongside any estimate.
Audit judgment. An annual flow deficit alone cannot establish immediately available stock or a date when silver “runs out.” Missing availability evidence means unknown, not zero. Keep stock snapshots separate from the database’s annual flow measures.
Fabrication ≠ consumption
The current survey records fabrication where bullion or grain first becomes a product. Jewelry consumption adjusts domestic fabrication for trade and changes in trade stocks. Those geographic totals answer different questions.
2026 definitions · PDF p90Recycling ≠ every scrap flow
Current recycling covers recovered silver from fabricated products and unused trade stocks. Manufacturing process scrap is excluded. Geography follows where scrap originates, with an ethylene-oxide exception at recovery.
2026 definitions · PDF p90Investment ≠ one category
Retail bars and coins, ETP holdings, exchange inventories and opaque OTC positions have different treatment. Photovoltaics is a subset of industrial use; adding it again to the industrial total double counts it.
2019 framework · PDF p10 · 2026 table · PDF p11Annual flows ≠ available stocks
A flow deficit indicates demand exceeding the supply included in that accounting view. Assessing delivery tightness also requires inventories, location, ownership, purity and willingness to sell. Mineral resources and reserves are separate geological quantities.
2026 discussion · PDF p11; definitions p90How SilverWars assembled this audit
- Indexed the 1950–1990 compilation, all annual survey PDFs from 1991 through 2026, and 20 archived tax filings. Recorded retrieval date, URL and SHA-256 for each PDF.
- Transcribed selected summary measures from 33 report editions. Preserved year, report edition, original label, unit, research provider, PDF page, forecast state and printed value.
- Used PDF text extraction and aligned OCR for scans. Visually checked selected original tables and corrected identified OCR omissions. Tested annual coverage, duplicate keys, source locators and accounting relationships.
- Retained printed figures when arithmetic differed. The 1996 table’s 1993 and 1994 fabrication components sum to 0.4 and 0.3 Moz less than the printed totals; these small differences remain documented.
- Separated reported facts from derived calculations and audit judgments. Comparison flags warn of known differences; a shared flag does not prove complete methodological continuity.
What remains unresolved
This is a review of the public record, not an assurance opinion on the underlying survey inputs. Country, company and detailed sector appendices are linked but not fully normalized. The historical compilation and 1992–1994 summary tables are indexed but not numerically transcribed. Pre-survey figures are retrospective. Confidential interview inputs, estimation weights, uncertainty intervals and row-by-row explanations for every revision have not been reconstructed.
The selected production checks below are a start. A wider reconciliation would trace company and government inputs across years, test trade discrepancies, examine sector silver loadings and distinguish stocks from annual flows. Each check requires dated evidence and a stated scope.
Checks against other publishers / 3 production comparisons
These worked comparisons check selected production figures against government and producer reports. Different publishers can draw on the same underlying inputs. Agreement does not establish independent measurement; a difference does not establish an error.
World mine production / 2025
- 2026 survey
- 846.6 Moz
- USGS estimate, converted
- 835.918 Moz
- Other source minus survey
- -10.682 Moz
Different published estimates; inputs not reconciled.
26,000 metric tonnes × 32,150.7 troy ounces per tonne ÷ 1,000,000 = 835.91820 Moz.
USGS labels 2025 as estimated; its February 2026 release precedes the April survey. The world total is rounded. Input and coverage differences remain unresolved. These are different publishers, not proven independent underlying measurements.
2026 survey · PDF p31 ↗ · USGS Mineral Commodity Summaries 2026 · PDF p2 ↗
United States mine production / 2025
- 2026 survey
- 35.7 Moz
- USGS estimate, converted
- 35.366 Moz
- Other source minus survey
- -0.334 Moz
Different published estimates; inputs not reconciled.
1,100 metric tonnes × 32,150.7 troy ounces per tonne ÷ 1,000,000 = 35.36577 Moz.
USGS labels 2025 as estimated; its February 2026 release precedes the April survey. The world total is rounded. Input and coverage differences remain unresolved. These are different publishers, not proven independent underlying measurements.
2026 survey · PDF p30 ↗ · USGS Mineral Commodity Summaries 2026 · PDF p2 ↗
Fresnillo attributable silver / 2025
- 2026 survey
- 47.6 Moz
- Producer, excluding stream
- 47.589 Moz
- Other source minus survey
- -0.011 Moz
Matches after scope adjustment and rounding.
48,723 koz total − 1,134 koz Silverstream = 47,589 koz = 47.589 Moz; rounded to the survey’s precision: 47.6 Moz.
The survey’s company-table footnote excludes Silverstream. Company reports are inputs to that table, so this checks scope and aggregation rather than independent measurement.
2026 survey · PDF p31 ↗ · Fresnillo Q4 2025 production report · PDF p2 ↗
Funding & programs
Who funds the Institute, and what it funds.
The Institute promotes silver demand and publishes market research. Its US address does not limit its stated remit to US markets. The filings describe programs in Mexico, Peru, India and China. The audit question is how industry funding, market promotion and research independence are governed. 2024 remit · Part III ↗
Reviewed through tax year 2024 · US dollars · 20 archived PDFs for 2004–2023 plus the 2024 IRS-derived return and schedules. This is a review of selected public disclosures; contracts, invoices and a transaction ledger are outside the reviewed record.
2024 membership dues$1,455,655
85.1% of reported revenue
2024 total expenses$1,434,722
Program, operating and service costs
2024 overseas programs$81,806
Schedule F regional expenditure
Where the income comes from.
| Income category | Amount | Disclosure |
|---|---|---|
| Membership dues | $1,455,655 | Individual company dues are not itemized. |
| All other contributions, gifts, grants and similar amounts | $248,700 | Schedule B contributor details are restricted in the public reconstruction. |
| WORLD SILVER SURV. REV | $348 | The filing does not allocate this income to individual funders. |
| Investment income | $6,611 | The filing does not allocate this income to individual funders. |
Reported revenue totals $1,711,314. Dues are recorded as program-service income. A contributions-only view therefore misses most reported income. A membership list cannot establish an individual company’s dues or its share of a project. 2024 Schedule B ↗ · IRS revenue instructions ↗
Named funding companies and survey sponsor / 2026 disclosures
The visible 2026 report names ten major funding companies and MKS PAMP as a survey sponsor. These acknowledgments identify roles, without dollar amounts or a company-to-program allocation. They are not a reconstruction of who paid the 2024 dues.
| Named company | Disclosed role | Work identified | Amount |
|---|---|---|---|
| Asahi Refining | Major funding company of the Institute | Institute support; no program allocation shown · PDF p2 | Not disclosed on this page |
| Coeur Mining, Inc. | Major funding company of the Institute | Institute support; no program allocation shown · PDF p2 | Not disclosed on this page |
| Endeavour Silver Corp. | Major funding company of the Institute | Institute support; no program allocation shown · PDF p2 | Not disclosed on this page |
| Fresnillo plc | Major funding company of the Institute | Institute support; no program allocation shown · PDF p2 | Not disclosed on this page |
| Glencore International AG | Major funding company of the Institute | Institute support; no program allocation shown · PDF p2 | Not disclosed on this page |
| Hecla Mining Company | Major funding company of the Institute | Institute support; no program allocation shown · PDF p2 | Not disclosed on this page |
| Industrias Peñoles, S.A.B. de C.V. | Major funding company of the Institute | Institute support; no program allocation shown · PDF p2 | Not disclosed on this page |
| Pan American Silver Corp. | Major funding company of the Institute | Institute support; no program allocation shown · PDF p2 | Not disclosed on this page |
| San Cristobal Mining | Major funding company of the Institute | Institute support; no program allocation shown · PDF p2 | Not disclosed on this page |
| Wheaton Precious Metals | Major funding company of the Institute | Institute support; no program allocation shown · PDF p2 | Not disclosed on this page |
| MKS PAMP | World Silver Survey sponsor | World Silver Survey 2026; cover images also credited · PDF p2 | Not disclosed on this page |
What the latest filing says it funded.
The 2024 return reports $339,666 for the World Silver Survey within $396,216 of other service fees. It also reports media and public relations, advertising, publications, conferences and operating costs. Contractor payments are a separate disclosure of recipients and may overlap those expense categories.
2024 expense categories and the work within service fees
| Expense category | Amount |
|---|---|
| Legal | $14,702 |
| Accounting | $15,450 |
| Other service fees | $396,216 |
| Advertising and promotion | $260,231 |
| Office | $5,152 |
| Information technology | $28,442 |
| Travel | $25,576 |
| Conferences and meetings | $81,280 |
| Media / general public relations | $528,989 |
| Publications | $76,504 |
| Subscriptions and dues | $2,180 |
| Included work | Amount |
|---|---|
| World Silver Survey | $339,666 |
| Progress / annual reports | $26,740 |
| Membership recruitment / servicing | $22,910 |
| Carbon footprint study | $6,900 |
The service-fee breakdown is included in the $396,216 category above. Regional program expenditure and contractor payments must not be added to total expenses again. 2024 return ↗ · 2024 Schedule O ↗
China / India
Market development is explicit in the record.
In 2024, India-related conference and market development accounts for $26,806; China-related conference and market development accounts for $12,000. Together, $38,806 represents 47.4% of reported overseas program expenditure and 2.7% of all expenses. This supports the presence of both programs; it does not make them the majority of the Institute’s total spending.
| Reported region | Stated purpose / support | Amount |
|---|---|---|
| South Asia | India Silver Conference and market development | $26,806 |
| East Asia and the Pacific | China International Silver Conference and market development | $12,000 |
| South America | Jewelry promotion supporting Patronato Plata del Peru | $23,000 |
| North America | Jewelry promotion supporting member company Peñoles | $20,000 |
The same schedule names Patronato Plata del Peru and member company Peñoles as supported organizations. These are regional program descriptions, not recipient-level grant records. Schedule F’s grant-recipient tables are blank. Its North America row is part of the activities-outside-the-US schedule. The reported basis is cash. 2024 Schedule F ↗
Earlier China costs and 2023 regional disclosures
The archive explicitly labels Chinese market-development costs in the selected years below. Other years without a transcribed country-specific amount remain unknown. A program cost can include services performed elsewhere; the label alone does not establish a payment to a foreign recipient.
| Tax year | Reported expense | Source |
|---|---|---|
| 2004 | $33,520 | PDF p7 |
| 2005 | $86,298 | PDF p9 |
| 2006 | $3,284 | PDF p10 |
| 2007 | $47,685 | PDF p10 |
| 2013 | $37,229 | PDF p22 |
| 2014 | $43,116 | PDF p26 |
| 2015 | $35,754 | PDF p20 |
| Reported region | Stated purpose / support | Amount |
|---|---|---|
| North America | Awareness and education about silver industry | $20,000 |
| South America | Awareness and education about silver industry | $20,000 |
| East Asia and the Pacific | Conferences | $14,830 |
| South Asia | Events | $46,184 |
The 2023 schedule labels South Asia as events and East Asia and the Pacific as conferences; it does not identify countries or recipients in those rows. Their total is $61,014 within $101,014 of all regional expenditure. Do not silently rename the whole regions India and China.
Disclosed relationships that deserve scrutiny.
Michael DiRienzo was executive director of the Institute and vice president of KSG LLC; the return reports a shared-officer transaction. 2008 · PDF p14
KSG manages the Institute and pays its president and CEO; the executive committee determines the annual management fee. 2024 · Schedule O
Members in good standing each have one vote; the board receives the draft tax return for review. 2024 · Schedule O
Audit judgment. Industry support, member voting rights and market-development programs establish interests in the silver market. The shared officer and paid-management relationship is a specific disclosed overlap. Assessing safeguards requires the management contract, fee approval and recusal records, and the research contract’s terms on editorial control. The filings alone do not establish that a payment changed a published estimate.
Explore KSG ownership and people →Named contractors and disclosed management transactions / 2008–2024
Selected disclosed recipients: KSG for management, Michael Barlerin Associates for silver promotion, and Metals Focus for research. The contractor table is limited to highly compensated contractors; it is not a list of every payee. Missing amounts stay unknown. Schedule L amounts are shown with their own basis.
| Year | Named organization | Services | Amount | Basis / source |
|---|---|---|---|---|
| 2024 | KSG LLC | Association management | $534,000 | Reported contractor compensation |
| 2024 | Metals Focus | Research / survey | $309,666 | Reported contractor compensation Vendor compensation and the survey expense line have different scopes. |
| 2023 | KSG LLC | Association management | $523,000 | Reported contractor compensation |
| 2023 | Metals Focus | Research / survey | $333,000 | Reported contractor compensation Vendor compensation and the survey expense line have different scopes. |
| 2022 | KSG LLC | Association management | $514,000 | Reported contractor compensation |
| 2022 | Metals Focus | Research / survey | $315,666 | Reported contractor compensation Vendor compensation and the survey expense line have different scopes. |
| 2021 | KSG LLC | Association management | $498,000 | Reported contractor compensation |
| 2021 | Metals Focus | Research / survey | $315,466 | Reported contractor compensation Vendor compensation and the survey expense line have different scopes. |
| 2021 | Michael Barlerin Associates | Silver promotion | $190,000 | Reported contractor compensation |
| 2020 | KSG LLC | Association management | $498,000 | Reported contractor compensation |
| 2020 | Michael Barlerin Associates | Silver promotion | $190,000 | Reported contractor compensation |
| 2019 | KSG LLC | Association management | $498,000 | Reported contractor compensation |
| 2019 | Michael Barlerin Associates | Silver promotion | $190,000 | Reported contractor compensation |
| 2018 | KSG LLC | Association management | $482,000 | Reported contractor compensation |
| 2018 | Michael Barlerin Associates | Silver promotion | $190,000 | Reported contractor compensation |
| 2017 | KSG LLC | Association management | $482,000 | Schedule L business transaction Part VII lists KSG but leaves compensation blank; amount comes from Schedule L. |
| 2017 | Michael Barlerin Associates | Silver promotion | Not reported | Blank compensation cell Named in the contractor table, but the compensation cell is blank. |
| 2016 | KSG LLC | Association management | $470,000 | Reported contractor compensation |
| 2016 | Michael Barlerin Associates | Silver promotion | $170,000 | Reported contractor compensation |
| 2015 | KSG LLC | Association management | $495,000 | Reported contractor compensation |
| 2015 | Michael Barlerin Associates | Silver promotion | $187,000 | Reported contractor compensation |
| 2014 | KSG LLC | Association management | $495,000 | Reported contractor compensation |
| 2013 | KSG LLC | Association management | $495,000 | Reported contractor compensation |
| 2012 | KSG LLC | Association management | $482,000 | Schedule L business transaction Part VII lists KSG but leaves compensation blank; amount comes from Schedule L. |
| 2011 | KSG LLC | Association management | $450,000 | Schedule L business transaction Part VII lists KSG but leaves compensation blank; amount comes from Schedule L. |
| 2010 | KSG LLC | Association management | $450,000 | Schedule L business transaction Part VII lists KSG but leaves compensation blank; amount comes from Schedule L. |
| 2009 | KSG LLC | Association management | $402,000 | Reported contractor compensation |
| 2008 | KSG LLC | Association management | $450,000 | Reported contractor compensation |
In 2008, the $450,000 KSG total equals $323,000 management expense plus $127,000 officer compensation. Adding all three would double-count the same disclosure. 2008 expense categories · PDF p10 · 2008 contractor total · PDF p8
Classification and reconciliation questions.
2024 reports KSG compensation of $534,000 in Part VII but leaves Part IX management fees blank. The filing does not map that payment to expense categories. Do not add it again to total expenses.
2024 reports $309,666 contractor compensation for Metals Focus and $339,666 survey expense in Schedule O. The $30,000 difference is not itself proof of an error.
2024 Schedule O labels the $396,216 other-fee breakdown as fundraising, while Part IX function columns are blank and Part I reports $0 total fundraising. The published return does not reconcile those descriptions.
The survey revenue row is $224,395 in 2023 and $348 in 2024; 2024 separately reports $248,700 contributions. A ledger is needed to establish whether any income was reclassified.
These are questions raised by the published classifications. The form does not require a section 501(c)(6) filer to complete all functional expense columns; a blank column alone is not a filing violation. The mismatch with Schedule O still needs an explanation from the underlying accounts and allocation policy. 2024 return ↗ · 2024 Schedule O ↗ · 2023 survey revenue · PDF p9
Annual dues, publication revenue and survey expense / 2004–2024
Every amount links to its source. “Publications” is broader than the annual survey; the revenue label changes in 2023. The 2024 survey cost appears in Schedule O. Revenue and expense are separate measures, and a tax year is not a survey edition.
Coverage gaps: no 1971–2003 filings in this collection, and no 2025 filing found in the reviewed index as of 2026-10-02. Individual funder amounts, earmarks and the complete payee ledger remain undisclosed in the reviewed sources.
Revenue, expenses and net assets / 2004–2024
US dollars. The 2004–2010 totals were visually checked against Part I of the archived returns. The 2011–2023 summaries use IRS-derived extracts; selected funding and expense lines have now been checked against the archived PDFs, while complete return reconciliation remains pending. The 2024 totals were checked against the retrieved IRS-derived HTML return. Tax years and filing dates are different, and these totals do not identify every survey sponsor or contract.
| Tax year | Revenue | Expenses | Net assets | Source |
|---|---|---|---|---|
| 2024 | $1,711,314 | $1,434,722 | $791,953 | IRS-derived return · Part I |
| 2023 | $1,444,778 | $1,226,731 | $515,361 | IRS filing link |
| 2022 | $1,270,066 | $1,231,875 | $297,313 | IRS filing link |
| 2021 | $1,368,292 | $1,438,448 | $259,122 | IRS filing link |
| 2020 | $1,604,300 | $1,561,981 | $329,278 | IRS filing link |
| 2019 | $1,956,741 | $1,812,299 | $286,959 | IRS filing link |
| 2018 | $1,499,106 | $1,597,122 | $142,517 | IRS filing link |
| 2017 | $1,752,921 | $1,676,500 | $240,533 | IRS filing link |
| 2016 | $1,570,380 | $1,548,443 | $164,112 | IRS filing link |
| 2015 | $1,464,244 | $1,864,962 | $142,175 | IRS filing link |
| 2014 | $1,962,003 | $1,889,666 | $542,893 | IRS filing link |
| 2013 | $1,839,158 | $1,798,172 | $470,556 | IRS filing link |
| 2012 | $1,931,987 | $1,840,265 | $429,570 | IRS filing link |
| 2011 | $1,774,740 | $1,757,509 | $337,848 | IRS filing link |
| 2010 | $1,610,025 | $1,465,662 | $320,617 | Archived PDF · p1 |
| 2009 | $1,103,171 | $1,275,943 | $176,254 | Archived PDF · p1 |
| 2008 | $1,350,697 | $1,189,363 | $349,026 | Archived PDF · p1 |
| 2007 | $1,042,406 | $1,028,790 | $187,692 | Archived PDF · p1 |
| 2006 | $997,626 | $969,330 | $174,076 | Archived PDF · p1 |
| 2005 | $1,023,683 | $1,037,236 | $145,780 | Archived PDF · p1 |
| 2004 | $1,002,813 | $975,602 | $159,333 | Archived PDF · p1 |
The complete 2004–2023 filing collection is included in the Form 990 register on this page. Browse the 20 Form 990 PDFs ↓. This page does not claim a complete financial record back to 1971.
KSG & people
The people behind the contracts.
KSG / ownership, people and clients
KSG leadership and ownership
Silver Institute leadership and KSG management
Research-provider connection; dated board service
Additional historical KSG lobbyist
Who stands behind the management contract?
KSG combines association management with a documented history of government-relations work. Federal filings explicitly identify the firm as KSG LLC, dba Klein and Saks Group. Federal registrant identity ↗
The ownership disclosure. ICMI’s 2024 and 2025 Schedule Ls identify its president as KSG’s owner; the corresponding returns identify that president as Paul Bateman. They disclose a business transaction with an interested person. 2024 Schedule L ↗ · 2025 Schedule L ↗
Silver Institute · 2008–2024$8,218,000
17 annual KSG disclosures in the selected ledger
Two institutions · 2024$1,862,000
Silver Institute + ICMI payments to KSG
Nominal USD. The historical sum uses one contractor or Schedule L disclosure per year. The two-institution sum uses the 2024 rows below. Neither sum is KSG’s complete revenue, profit or Bateman’s personal compensation. Check the annual KSG entries ↑
People, roles and the connection to research providers / 4 profiles
Paul W. Bateman
Green Seal’s biography identifies Bateman as KSG president: joined in 1994, chief executive from 1997. This is an institutional biography, not a current corporate register. Paul Bateman biography ↗
ICMI’s 2024 and 2025 returns name him Chair & President; both Schedule Ls identify the ICMI president as KSG’s owner. No ownership percentage or personal distribution is disclosed here. Part VII, Section A, Paul Bateman ↗ · Part IV, KSG ownership and management transaction ↗ · Part VII, Section A, Paul Bateman ↗ · Part IV, KSG ownership and management transaction ↗
A 2002 biography dates his Silver Institute executive-director role from 1996 and Gold Institute presidency from 2000. The Silver Institute’s 2004 return lists him as former executive director/secretary. PDF p9 ↗ · PDF p4 ↗
Michael DiRienzo
The 2008 Silver Institute disclosure identifies its executive director as a KSG vice president. Its 2024 return names DiRienzo president and CEO; Schedule O says that officer is paid by KSG under the management contract. PDF p14 ↗ · Part II, signing officer; Part VII, Section A ↗ · Part VI, line 15a ↗
KSG’s 2012 World Gold Trust Services report is signed by DiRienzo as managing director and names him and Bateman as lobbyists. The SEC’s 2011 meeting memorandum spells his surname “DeRienzo.” Signature; issue-area lobbyist lists ↗ · PDF p1 ↗
Casino Jack: Special Thanks and a documented meeting. Casino Jack (2010) lists “MICHAEL DIRIENZO” under “Special Thanks,” visually checked at 1:46:38 in the linked upload. On 28 May 2009, @Michaeldirienzo told Kevin Spacey: “Enjoyed the meeting immensely and hope it was helpful!” The surrounding reply timeline pairs this with Spacey’s same-day filming update about Spencer Garrett playing Tom DeLay. Together, these records support attributing the credit to the Institute executive; that attribution is an inference. An explicit acknowledgment of the credit has not been located. The specific assistance and any connection to Institute or KSG work remain undocumented. Film end credits · 1:46:38 · Special Thanks ↗ · DiRienzo to Spacey · 28 May 2009 ↗ · Spacey filming update · 28 May 2009 ↗
Philip Klapwijk
ICMI’s appointment notice describes a former GFMS co-owner/executive chairman, then managing director of Hong Kong-based Precious Metals Insights and chief consultant to Metals Focus. These are roles reported in 2017, not a current employment roster. PDF p3 ↗
His board appointment took effect on 1 January 2018. ICMI’s 2025 annual report says he departed after eight years; its 2025 filing and report roster still list him. The current website omits him. This records overlapping professional roles, without establishing editorial authority over the Silver Survey. PDF p3 ↗ · PDF p16 ↗ · PDF p56 ↗ · Part VII, Section A, Philip Klapwijk ↗ · Current Board of Directors ↗
Ric Fenton
The Silver Institute’s Q4 2008 lobbying report names Fenton alongside Bateman and Mike DiRienzo for precious-metals capital-gains treatment. The record does not establish his current role or ownership. Tax issue, lobbyist list ↗
KSG payments and the declared approval process / Silver Institute and ICMI
| Tax year | Paying institution | Payment to KSG | Disclosure |
|---|---|---|---|
| 2024 | The Silver Institute | $534,000 | Part VII contractor compensation Already included in the Silver Institute contractor ledger. |
| 2024 | International Cyanide Management Institute | $1,328,000 | Schedule L management transaction Also reported in Part VII, Section B; count this payment once. |
| 2025 | International Cyanide Management Institute | $1,346,333 | Schedule L management transaction Also reported in Part VII, Section B and Part IX, line 11a; count once. |
For 2024, $534,000 from the Silver Institute plus $1,328,000 from ICMI equals $1,862,000. ICMI’s 2025 amount is $1,346,333. Its later filing supplies no 2025 Silver Institute amount.
ICMI says independent board members determine its annual management fee; the Silver Institute says its executive committee determines its fee. These are filed descriptions of processes, not reviewed minutes confirming a particular approval or recusal. Part VI, line 15a ↗ · Part VI, line 15a ↗
ICMI’s management payment appears in more than one part of its return. Those are disclosures of the same transaction. Its annual report groups expenditure by activity; that presentation must not be added to the Form 990 contractor amount.
Registered lobbying and other historical clients / selected disclosures
The Silver Institute, World Gold Trust Services and AngloGold Ashanti North America appear in the selected federal reports. WGC described World Gold Trust Services as its wholly owned subsidiary and GLD sponsor in 2013. Keep the client’s legal name with each filing. WGC subsidiary disclosure ↗
| Period | Client as filed | Reported income | Issues / named lobbyists |
|---|---|---|---|
| 2008 Q4 | The Silver Institute | Less than $5,000 LD-2, line 12 income band | Capital-gains treatment of precious-metals investments Mike DiRienzo, Paul Bateman, Ric Fenton A reported band is not an exact amount or the annual management fee. |
| 2011 Q1 | AngloGold Ashanti North America Inc | $11,398 LD-2, line 12 | Mining-law reform and conflict-minerals rulemaking Paul Bateman, Michael DiRienzo Historical client-specific reported income; not Silver Institute spending. |
| 2012 Q4 | World Gold Trust Services | $29,400 LD-2, line 12 | Dodd-Frank commodities regulation; conflict minerals; monitoring gold-reserve and currency legislation Paul Bateman, Michael DiRienzo Monitoring entries do not identify a contacted agency; the commodities issue lists CFTC and Congress. |
| 2014 Q3 | World Gold Trust Services | $29,400 LD-2, line 12 | Dodd-Frank commodities regulation; currency legislation Paul Bateman, Michael DiRienzo Client is World Gold Trust Services, not an interchangeable label for WGC. |
| 2014 Q4 · amended termination | World Gold Trust Services | $29,400 Amended LD-2, line 12; termination 31 December 2014 | Dodd-Frank commodities regulation; currency legislation Michael DiRienzo Use the amendment instead of also counting its original. This terminates that lobbying registration, not all consulting work. |
These reports identify historical lobbying activity and reported client-specific income, not all consulting income or today’s client list. The Silver Institute filing gives a less-than-$5,000 band, not zero. A separate filing terminates that lobbying registration on 31 December 2009; the management relationship continued in later tax filings. Silver Institute termination record ↗
From public office to association management / a dated chronology
- 1949 / 1955
The historical consulting firm predates this audit.
FRUS identifies a Klein and Saks consulting contract in Peru in 1949 and Julius Klein with his partner Saks in 1955. These documents do not prove the legal succession to today’s KSG LLC or a 1920 founding date. Footnote 7, Klein Mission contract ↗ · Paragraph 2, Julius Klein and partner Saks ↗
- 1981–1985 / 1989–1993
Public administration before KSG.
Treasury’s 19 August 1985 release appoints Bateman Deputy Treasurer and describes earlier White House and Commerce posts. Green Seal’s biography dates his Bush White House management role to 1989–1993. Release B-248, 19 August 1985 ↗ · White House career ↗
- 2002
China market expansion and better statistics.
In his LBMA article, Bateman describes an industry mission to Shanghai and Beijing to expand China’s domestic silver market and seek better mine-production, export, consumption and government-reserve statistics. This predates the later Schedule F disclosures. PDF p9 ↗
- January 2005
Industry organizer becomes ICMI chair and president.
ICMI’s 2007 account says Bateman helped raise Code-development funds, chaired the Industry Advisory Group and became ICMI chair and president in January 2005. PDF p4 ↗
- 2007 / 2009
A corporate board role and a policy institute.
Tri-Valley’s 2009 SEC proxy dates Bateman’s directorship from 2007 and identifies him as Reform Institute chair at that time. Those historical roles do not trace Reform Institute donors into Silver Institute accounts. Nominees table and Paul Bateman biography, printed pp4–5 ↗
- 2011–2014
Named participants in precious-metals rulemaking.
An SEC memorandum places Bateman and DiRienzo with World Gold Council representatives on conflict-minerals rulemaking in 2011. CFTC records place both at a Dillon Gage meeting in 2012 and Bateman at the WGC position-limits meeting in 2014. The latter records a WGC statement about gold’s availability, not a finding about silver. PDF p1 ↗ · 18 September 2012 participants and subject ↗ · 25 July 2014 participants and meeting summary ↗
- 2018–2025
A dated connection to the research firms.
Klapwijk joined ICMI’s board in January 2018 while its notice described his former GFMS leadership and Metals Focus consultancy. The 2025 report records his departure; an exact departure date is not provided. PDF p3 ↗ · PDF p16 ↗
- 2020
Metals Focus takes over the Silver Survey.
The Institute’s 2020 announcement assigns the 30th annual survey to Metals Focus. The 2019 edition credits GFMS. The transition date must be kept separate from earlier changes to World Gold Council research. Metals Focus announcement ↗ · PDF p3 ↗
What holds up in our earlier KSG reporting / corrections and limits
Our 8 September 2025 KSG article ↗ supplies research leads. The judgments below are based on the dated primary records linked beside them.
| Claim or implication | Audit status | What the record supports |
|---|---|---|
| “Informal Washington adviser” describes the lobbying relationship. | Correction | Federal reports identify KSG as a lobbying firm and name Bateman and DiRienzo. The Silver Institute itself appears as a historical client. Registrant, client and lobbyists ↗ · Registrant and lobbyists ↗ |
| The Silver Survey moved to Metals Focus shortly after the mid-2010s gold transition. | Correction | The Silver Survey change is dated 2020; 2019 remained a GFMS edition. A gold-provider transition cannot date the silver series. |
| The 2023 filing establishes the first direct overseas payments and a nearly $15,000 China amount. | Qualification | Its East Asia/Pacific row does not name a country or cash recipient. China costs appear in 2004 and Chinese market development in 2002. Those earlier program descriptions do not establish a first direct foreign-payment date either. |
| What does zero employees or zero direct officer pay mean? | Qualification | Both institutions disclose contract management through KSG. ICMI says its president is a paid KSG officer and that independent board members set the fee. Personal compensation and distributions remain undisclosed here. |
| KSG’s founding date and uninterrupted corporate lineage are established. | Not established | The 1920 date is not verified by formation records in this review. FRUS documents the historical consultancy; the modern lobbying filing establishes KSG LLC’s trade name. A legal succession still needs corporate records. |
| Bateman personally selects researchers or directs published estimates. | Not established | Payments and professional overlap are documented. No reviewed contract, approval record or editorial correspondence establishes who selected a provider or directed an estimate. Reproducibility must be tested separately against the actual data. |
| Policy-institute donors, foreign programs or defense connections prove improper flows or national-security harm. | Not established | The reviewed records do not trace those donors into KSG or Silver Institute accounts, establish a defense-contract role, or demonstrate falsified figures or resulting harm. Historical appointments and shared board service cannot supply the missing transactions. Historical biography ↗ · Parts VIII and IX ↗ · Regional activities ↗ |
What would resolve the remaining questions?
Audit judgment. Ownership, paid management, research-industry connections and historical advocacy create specific interests to examine. The next evidentiary step is to test the safeguards and trace decisions and payments. These records do not establish that a person altered a survey estimate.
- Contract and ownership
- Executed KSG management contracts, amendments, corporate formation/succession records, equity interests and disclosures of other association clients.
- Fee approval and conflicts
- Competitive bids or fee benchmarks, independent approval minutes, recusals, annual conflict declarations and cost allocations between association clients.
- Research independence
- Provider-selection records and research contracts covering methods, publication rights, confidentiality, editorial review and correction authority.
- Country programs and donors
- China/India agreements, recipient-level invoices and payments, earmarked funder contributions, outputs and evaluations. Regional totals do not identify all beneficiaries.
- Film assistance and institutional connection
- Production correspondence, a filmmaker statement or a direct acknowledgment explaining DiRienzo’s assistance and whether it related to his Institute or KSG role. The Special Thanks credit and contemporaneous meeting post corroborate attribution, but the post does not explicitly name the film or explain the contribution.
Investigation sources, capture records and scope
Selected public records on KSG ownership, association management, personnel and historical lobbying clients. Separate institutions, reporting periods and payment bases remain explicit.
- This is selected source review, not a complete client register or financial-statement assurance audit. Historical lobbying relationships do not establish current representation.
- The Silver Institute management record runs through 2024; the separate ICMI record reaches 2025. A 2025 ICMI filing does not supply a 2025 Silver Institute figure.
- Klapwijk’s 2025 departure statement and year roster refer to different time points; an exact departure date is unavailable.
- No personal tax returns, KSG accounts, payment-level ledger, original management/research contracts or board approval minutes were reviewed.
- SEC sources were reviewed through web-tool text; their capture hashes identify extracted text, not original documents. Film-credit and X-post hashes identify review or browser observation records, not original film, video or HTML bytes. The X search and visible timeline review were incomplete; not locating an explicit credit acknowledgment does not establish its absence. Other source hashes identify downloaded document bytes.
| Source | Evidence type / capture date | Capture hash |
|---|---|---|
| SilverWars KSG investigation, 8 September 2025 ↗ | Earlier SilverWars reporting HTML · 2026-10-02 | 16bd45b01b36c453fd7cb515de938961b2c8bd9ecb3b87a3e93ba9554faaf0c7Downloaded document bytes after transport decompression |
| Green Seal: Paul Bateman biography ↗ | Primary institutional or government record HTML · 2026-10-02 | a921eec6b8a96937037954bf8a5d031d977ffa9b11fbffe9cdbc57885c87c5a6Downloaded document bytes after transport decompression |
| US Treasury: Bateman appointed Deputy Treasurer, 19 August 1985 ↗ | Primary institutional or government record HTML · 2026-10-02 | c63b28f80301b729002ee8ab716af5f524d7699b71141b8ced80befdfd372d45Downloaded document bytes after transport decompression |
| LBMA Alchemist 26: Bateman article and biography, 2002 ↗ | Primary institutional or government record PDF · 2026-10-02 | 294d942939c5c2f2dd2c1d07ed08d740ddb66078ced132bd2f6365a1e0ed2489Downloaded document bytes after transport decompression |
| State Department FRUS: Peru mission contract, footnote 7 ↗ | Primary institutional or government record HTML · 2026-10-02 | 59a938d302d980ee6fbaf30f649c955e0b8d06ff75d54c0e0e57e0aa781c5fdbDownloaded document bytes after transport decompression |
| State Department FRUS: Julius Klein and partner Saks, 1955 ↗ | Primary institutional or government record HTML · 2026-10-02 | 6924e188346b8be21530c2fcb8a64d9b822a36ca6c9b98e6f06c2a834faaf104Downloaded document bytes after transport decompression |
| ICMI: current governance and officers ↗ | Primary institutional or government record HTML · 2026-10-02 | f267a082bdf0aedeedf8d96f190996cee07057db08fe198a12b03a448d891af2Downloaded document bytes after transport decompression |
| ICMI Spring 2007 newsletter: Bateman and Code development ↗ | Primary institutional or government record PDF · 2026-10-02 | 31892e1da17426c1e5fb3909dc0a116caa008b93b78c5201980f48d9c38319f8Downloaded document bytes after transport decompression |
| ICMI Q4 2017 newsletter: Klapwijk appointment effective 2018 ↗ | Primary institutional or government record PDF · 2026-10-02 | 1692e323622a0f066f10c5934300d4837bd82d66fdb07b00ce6d190038ee97bdDownloaded document bytes after transport decompression |
| ICMI 2017 annual report: GFMS and Metals Focus roles ↗ | Primary institutional or government record PDF · 2026-10-02 | a27d87bafc34163f1f73375e3e15ff016c23deceed93c7e4bc598f91eded5673Downloaded document bytes after transport decompression |
| ICMI 2024 annual report: board roster ↗ | Primary institutional or government record PDF · 2026-10-02 | 95affe88de92616c8d715d8635744e0af6aec17ff5744d4a826f224bb76b5dcdDownloaded document bytes after transport decompression |
| ICMI 2025 annual report: board departures and roster ↗ | Primary institutional or government record PDF · 2026-10-02 | 3ec901a779f28474a0eeaf15023bfaff00c9187f3dcbc5a7e7f4f2ba47d778bbDownloaded document bytes after transport decompression |
| ICMI 2024 Form 990: officers, contractor and expenses ↗ | Primary institutional or government record IRS-derived HTML reconstruction · 2026-10-02 | 2a13e4a0caae3b14378a7ade75a3e4c190ef21fe1a3241671e40938931301a59Downloaded document bytes after transport decompression |
| ICMI 2024 Schedule L: KSG ownership and transaction ↗ | Primary institutional or government record IRS-derived HTML reconstruction · 2026-10-02 | 3e561234c23f0af829614dc282a651f3e590d625733132351768cdff5f9bc144Downloaded document bytes after transport decompression |
| ICMI 2024 Schedule O: management and fee approval ↗ | Primary institutional or government record IRS-derived HTML reconstruction · 2026-10-02 | d8c204060867f529d69856d284c4fb70f3c42bf5a17daefd8821e8e87668996fDownloaded document bytes after transport decompression |
| ICMI 2025 Form 990: officers, contractor and expenses ↗ | Primary institutional or government record IRS-derived HTML reconstruction · 2026-10-02 | 22586532eb9b1e2d8f6d0ad13348db4060e5dfb668c4bf7a577c8549a8f63ed8Downloaded document bytes after transport decompression |
| ICMI 2025 Schedule L: KSG ownership and transaction ↗ | Primary institutional or government record IRS-derived HTML reconstruction · 2026-10-02 | bed69fe1afdcfcc9da297a256957be020e8a550a347e276093ea60f3e1447b1eDownloaded document bytes after transport decompression |
| ICMI 2025 Schedule O: management and fee approval ↗ | Primary institutional or government record IRS-derived HTML reconstruction · 2026-10-02 | 82bf302cf5411e879719c91cddaaf1072ea0791377b65856991cc3666c7b075cDownloaded document bytes after transport decompression |
| KSG / Silver Institute: Q4 2008 federal lobbying disclosure ↗ | Primary institutional or government record HTML · 2026-10-02 | 3f02ce0a21e695b1810f3e4fe30728de06dbbea229c1d733826f3a4cb522eac9Downloaded document bytes after transport decompression |
| KSG / Silver Institute: 2009 lobbying termination ↗ | Primary institutional or government record HTML · 2026-10-02 | 9127bcd3e2ae735a779bfe5a8151a18317c3d3df693bc68a99ccbccc720334c5Downloaded document bytes after transport decompression |
| KSG / World Gold Trust Services: Q4 2012 lobbying disclosure ↗ | Primary institutional or government record HTML · 2026-10-02 | 6f2a438efa9fb84f1c34466a9922dc072e78535e920de33b9b93c34d9570303bDownloaded document bytes after transport decompression |
| KSG / World Gold Trust Services: Q3 2014 lobbying disclosure ↗ | Primary institutional or government record HTML · 2026-10-02 | f33276305a5e48e17c3eca944960db1e7c2d38bda9f72db3e8f706057ad9d41bDownloaded document bytes after transport decompression |
| KSG / World Gold Trust Services: amended Q4 2014 termination ↗ | Primary institutional or government record HTML · 2026-10-02 | 2a4ef0159ebf18e12f7b18ca511fb2276cf1fcf41baab7d814c71e35932d0274Downloaded document bytes after transport decompression |
| KSG / AngloGold Ashanti North America: Q1 2011 disclosure ↗ | Primary institutional or government record HTML · 2026-10-02 | 5b216036220d6aab3fff2895cd25ea4ee05b3c68b740cc598132dbde50c60bbaDownloaded document bytes after transport decompression |
| CFTC: World Gold Council / KSG meeting, 25 July 2014 ↗ | Primary institutional or government record HTML · 2026-10-02 | 0625e3f06e5a35961cbd597c404775115ce825a09e56019676e342f3f610b92cDownloaded document bytes after transport decompression |
| CFTC: Dillon Gage / KSG meeting, 18 September 2012 ↗ | Primary institutional or government record HTML · 2026-10-02 | b17eda4e234bb9e146aa6806734e57ea6c2c579eb9daaabd3a0278f082e1d9a0Downloaded document bytes after transport decompression |
| World Gold Council: World Gold Trust Services subsidiary, 2013 ↗ | Primary institutional or government record HTML · 2026-10-02 | 8d7c2d95dceef72a256dc65ae736f850f5ea2283b70cb67f0dd8792b30441175Downloaded document bytes after transport decompression |
| Silver Institute: Metals Focus to produce the 2020 survey ↗ | Primary institutional or government record HTML · 2026-10-02 | c72f5e1d92c70261f998a07e51592518007880c55bbdd9e44295f061c2482ad8Downloaded document bytes after transport decompression |
| Tri-Valley 2009 SEC proxy: Bateman director biography ↗ | Primary corporate filing hosted by SEC HTML · 2026-10-02 Text reviewed through web tool; local document download failed DNS lookup | 73de9d99c8b333c68cabe3fd1c28d180d8f55c5e1d028e3548329b1e99879aa4Combined web-tool text extract; not original document bytes |
| SEC: World Gold Council / KSG meeting, 17 August 2011 ↗ | Primary government record PDF · 2026-10-02 Text reviewed through web tool; local document download failed DNS lookup | 73de9d99c8b333c68cabe3fd1c28d180d8f55c5e1d028e3548329b1e99879aa4Combined web-tool text extract; not original document bytes |
| Casino Jack (2010): Special Thanks credit review ↗ | Primary film credits; name and Special Thanks category verified HTML video page; visual credit review · 2026-10-02 Special Thanks heading and name visually reviewed at 1:46:38. The employer and contribution are not specified. | 73f21b4b16e17d997857a8773917094b41082c9ebc9dfb74d1e3f7bb4b0cac2eUTF-8 visual review record; not original film, video or HTML bytes |
| Michael DiRienzo: meeting with Kevin Spacey, 28 May 2009 ↗ | Primary contemporaneous public post; contextual corroboration HTML post; browser observation record · 2026-10-02 Original dated post read in the live browser and matched to the user screenshot. The post refers to a meeting; it does not explicitly acknowledge the film credit. | fed94a03e000f616c1a4e49993b2dd2f46f19c27b9f28f44c3be008b47f09df7UTF-8 browser observation record; not original X HTML or an independently archived tweet |
| Kevin Spacey: production update, 28 May 2009 ↗ | Primary contemporaneous public post; contextual corroboration HTML post; browser observation record · 2026-10-02 Original dated post read in the live browser. It describes filming on political sets and Spencer Garrett as Tom DeLay; it does not name DiRienzo or his contribution. | f31ac9235002d86ec84785325ad967dc1514c847870f98b05a89e4dc93912ca7UTF-8 browser observation record; not original X HTML or an independently archived tweet |
07 / Form 990 register
The Institute’s tax filings.
Browse the 20 archived Form 990 filings for 2004–2023. Each record includes the reporting period, selected officer compensation, financial-summary link and original PDF. Filing highlights state the column used and flag inconsistencies in the period header. Selected contractor payments are transcribed in the funding audit ↑; the full officer roster and payee ledger are outside this review.
2024 return and schedules · IRS-derived HTML ↗ · 2024 funding record ↑. This additional return is an HTML reconstruction, separate from the 20 archived PDFs.
20 Form 990 PDFs · Tax years 2004–2023
Silver Institute Inc. — Form 990 2023
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- 2023-01-01 through 2023-12-31 · PDF p1
Filing highlights
Explicit beginning and ending dates on the return.
Michael DiRienzo
ED SEC (UNTIL 06/23); PRES/CEO (AS OF 06/23)
$0 · Part VII, Section A, column D: reportable compensation from the organization · PDF p7
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
25 PDF pages · PDF with text layer · Retrieved 2026-10-02
SHA-256 3641012c3ee5b30d50eb32be01a0a9245f84363dda60141787b654da9005bcdd
Silver Institute Inc. — Form 990 2022
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- 2022-01-01 through 2022-12-31 · PDF p1
Filing highlights
Explicit beginning and ending dates on the return.
The form/calendar-year header says 2021, but the explicit reporting dates are January 1–December 31, 2022. This record follows the explicit dates.
Michael DiRienzo
Exec Dir & Secy
$0 · Part VII, Section A, column D: reportable compensation from the organization · PDF p8
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
22 PDF pages · Scanned PDF · Retrieved 2026-10-02
SHA-256 2715bf0fdc10d31dda0ece9d9bec8388bad0e306051fbe2163e9ef64aa73eab4
Silver Institute Inc. — Form 990 2021
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- 2021-01-01 through 2021-12-31 · PDF p1
Filing highlights
Explicit beginning and ending dates on the return.
Michael DiRienzo
Exec Dir & Secy
$0 · Part VII, Section A, column D: reportable compensation from the organization · PDF p8
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
22 PDF pages · Scanned PDF · Retrieved 2026-10-02
SHA-256 bd50e9ca1d339ee1b3894b829544a468552a9330df14b51ddd673d2bb1dfd21e
Silver Institute Inc. — Form 990 2020
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- 2020-01-01 through 2020-12-31 · PDF p1
Filing highlights
Explicit beginning and ending dates on the return.
Michael DiRienzo
Exec Dir & Secy
$0 · Part VII, Section A, column D: reportable compensation from the organization · PDF p8
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
22 PDF pages · Scanned PDF · Retrieved 2026-10-02
SHA-256 8893b0d7fd4ce66b1908daad3bd345d2cf8ff5f8da64756388e9b6763580a88e
Silver Institute Inc. — Form 990 2019
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- 2019-01-01 through 2019-12-31 · PDF p1
Filing highlights
Explicit beginning and ending dates on the return.
Michael DiRienzo
Exec Dir & Secy
$0 · Part VII, Section A, column D: reportable compensation from the organization · PDF p18
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
28 PDF pages · PDF with text layer · Retrieved 2026-10-02
SHA-256 1cec33d410589cd8d6f39a0bfad8cf19cd732aba003d601fbe729cf5e8b3d792
Silver Institute Inc. — Form 990 2018
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- 2018-01-01 through 2018-12-31 · PDF p1
Filing highlights
Explicit beginning and ending dates on the return.
The calendar-year header says 2019, but the explicit reporting dates are January 1–December 31, 2018. This record follows the explicit dates.
Michael DiRienzo
Exec Dir & Secy
$0 · Part VII, Section A, column D: reportable compensation from the organization · PDF p8
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
25 PDF pages · Scanned PDF · Retrieved 2026-10-02
SHA-256 6feda7fea8d3ab8acb0b413f2a01b89b5dd9c4a862b7ffa6bd9cae55f52f79df
Silver Institute Inc. — Form 990 2017
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- 2017-01-01 through 2017-12-31 · PDF p1
Filing highlights
Explicit beginning and ending dates on the return.
Michael DiRienzo
Exec Dir & Secy
$0 · Part VII, Section A, column D: reportable compensation from the organization · PDF p17
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
28 PDF pages · PDF with text layer · Retrieved 2026-10-02
SHA-256 85bb3292106b210358ce30325d366d8d878c1c1db89642c383e58065f626b428
Silver Institute Inc. — Form 990 2016
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- 2016-01-01 through 2016-12-31 · PDF p1
Filing highlights
Explicit beginning and ending dates on the return.
Michael DiRienzo
Exec Dir & Secy
$0 · Part VII, Section A, column D: reportable compensation from the organization · PDF p15
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
25 PDF pages · PDF with text layer · Retrieved 2026-10-02
SHA-256 6d5744023c389dbe3b8b1889f6acb8f1d9649cedfc17a538fe7d385f8ffa7ea4
Silver Institute Inc. — Form 990 2015
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- 2015-01-01 through 2015-12-31 · PDF p1
Filing highlights
Explicit beginning and ending dates on the return.
Michael DiRienzo
Exec Dir & Secy
$0 · Part VII, Section A, column D: reportable compensation from the organization · PDF p13
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
20 PDF pages · PDF with text layer · Retrieved 2026-10-02
SHA-256 a0f61606d7833431c4558e8dc5b6aafdb8327fab8e3d673996b8068948d4ed69
Silver Institute Inc. — Form 990 2014
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- 2014-01-01 through 2014-12-31 · PDF p1
Filing highlights
Explicit beginning and ending dates on the return.
Michael DiRienzo
Exec Dir & Secy
$0 · Part VII, Section A, column D: reportable compensation from the organization · PDF p13
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
26 PDF pages · PDF with text layer · Retrieved 2026-10-02
SHA-256 4f0620ac39189fb95c16fa169e2a5c56cc8e34a1e5e79dc83793115de710a386
Silver Institute Inc. — Form 990 2013
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- 2013-01-01 through 2013-12-31 · PDF p1
Filing highlights
Explicit beginning and ending dates on the return.
Michael DiRienzo
Exec Dir & Secy
$0 · Part VII, Section A, column D: reportable compensation from the organization · PDF p13
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
22 PDF pages · PDF with text layer · Retrieved 2026-10-02
SHA-256 5d961a6ee94725753af191f4f9fba7cf897449b9798e5745da1a64b51d1531ee
Silver Institute Inc. — Form 990 2012
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- 2012-01-01 through 2012-12-31 · PDF p1
Filing highlights
Explicit beginning and ending dates on the return.
Michael DiRienzo
Exec Dir & Secy
$0 · Part VII, Section A, column D: reportable compensation from the organization · PDF p7
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
15 PDF pages · PDF with text layer · Retrieved 2026-10-02
SHA-256 794763be207a3087cc9c67e4e532126790544f502dc2a434cd9bc15c9ffbf5ac
Silver Institute Inc. — Form 990 2011
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- Calendar year 2011 · PDF p1
Filing highlights
Calendar-year header; alternate tax-period dates blank.
Michael DiRienzo
Exec Dir & Secy
$0 · Part VII, Section A, column D: reportable compensation from the organization · PDF p8
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
16 PDF pages · PDF with text layer · Retrieved 2026-10-02
SHA-256 4ef5d7a025797b568f97a8328c0aed66606308ad1a62948ecb9e9068959f9811
Silver Institute Inc. — Form 990 2010
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- Calendar year 2010 · PDF p1
Filing highlights
Calendar-year header; alternate tax-period dates blank.
Michael DiRienzo
Exec Dir & Secy
$0 · Part VII, Section A, column D: reportable compensation from the organization · PDF p8
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
16 PDF pages · PDF with text layer · Retrieved 2026-10-02
SHA-256 f5127a8350f8cf20113759ae5c999add8024a42f3b1a6e26ae2cfe357d615796
Silver Institute Inc. — Form 990 2009
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- Calendar year 2009 · PDF p1
Filing highlights
Calendar-year header; alternate tax-period dates blank.
Michael DiRienzo
Executive Dir
$0 · Part VII, Section A, column D: reportable compensation from the organization · PDF p8
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
14 PDF pages · PDF with text layer · Retrieved 2026-10-02
SHA-256 27f9326a2bcfc030b1ef42962e7bc3262c2740551d142ada69655966b926f312
Silver Institute Inc. — Form 990 2008
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- Calendar year 2008 · PDF p1
Filing highlights
Calendar-year header; alternate tax-period dates blank.
Michael DiRienzo
EXECUTIVE DIRECTOR AND S
$0 · Part VII, Section A, column D: reportable compensation from the organization · PDF p8
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
16 PDF pages · PDF with text layer · Retrieved 2026-10-02
SHA-256 6d69b57e2b8a04d0e23907df8505fc2c4b4a5005e86844669f55c35a8d667729
Silver Institute Inc. — Form 990 2007
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- Calendar year 2007 · PDF p1
Filing highlights
Calendar-year header; alternate tax-period dates blank.
Michael DiRienzo
Executive Director / Secretary
$119,000 · Part V, column C: compensation · PDF p5
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
13 PDF pages · PDF with text layer · Retrieved 2026-10-02
SHA-256 0d28cab1aade1f2ffe0ef8c736c09558d9151a10ed3f54baf4b8afafab524cfa
Silver Institute Inc. — Form 990 2006
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- Calendar year 2006 · PDF p1
Filing highlights
Calendar-year header; alternate tax-period dates blank.
Michael DiRienzo
Executive Director / Secretary
$119,000 · Part V, column C: compensation · PDF p5
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
14 PDF pages · PDF with text layer · Retrieved 2026-10-02
SHA-256 f9108e5be07198f0522f746b90f623a4e0c9ec4e53f21360afed4c8934fe5eaf
Silver Institute Inc. — Form 990 2005
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- Calendar year 2005 · PDF p1
Filing highlights
Calendar-year header; alternate tax-period dates blank.
Michael DiRienzo
Executive Director / Secretary
$115,000 · Part V, column C: compensation · PDF p5
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
14 PDF pages · PDF with text layer · Retrieved 2026-10-02
SHA-256 b9a154af723a308bccd7de84b544b873d4b66ef69a06078bd01d0c211dc92340
Silver Institute Inc. — Form 990 2004
Silver Institute / IRS
Period and selected officer entry checked; full return reconciliation pending
- Reporting period
- Calendar year 2004 · PDF p1
Filing highlights
Calendar-year header; alternate tax-period dates blank.
Michael DiRienzo
Executive Director / Secretary
$79,683 · Part V, column C: compensation · PDF p4
Paul Bateman (former)
Executive Director / Secretary
$64,950 · Part V, column C: compensation · PDF p4
Selected officer entry only; the full officer roster and all contractor payments are not transcribed. Officer compensation and management-contractor payments are different categories.
Source record
10 PDF pages · PDF with text layer · Retrieved 2026-10-02
SHA-256 ce1f401d3fa6c04c2a628fdc9380d0f401f302f84389072697f7074a17163c0a