Bloomberg News is reporting the recent rise in the closing spot price of silver is being supported by a reduction in mining the base metals from which silver is often derived as a byproduct.

Thomas Biesheuvel and Agnieszka De Sousa write that mining companies are cutting back on mining copper, zinc and lead, operations that may also yield quantities of silver. The report indicates that approximately two-thirds of the world's output of silver is a byproduct of the mining for base metals.

"Prices have already gained 15 percent in 2016 to about $16 an ounce after three years of losses," according to Bloomberg News. "Silver, known as the devil’s metal because of its often wild price swings, has been outpaced by gold’s 17 percent jump this year."

Mined supply of silver is anticipated to drop 13 percent from what was generated in 2015, according to the news report.

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