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Silver - Statistics & Facts

Global silver production through mining came to some 27,000 metric tons in 2019. The world’s largest silver producer is currently Mexico, with its mining industry generating 6,300 metric tons of this precious metal. Peru, China, Poland, and Chile are the next largest producers, while the countries with the largest silver reserves are Peru, Poland, and Australia. Silver is most often a by-product of the extraction process of other metals, primarily lead, zinc, and copper.

Silver Producers

Among silver production specialists, Mexican mining company Fresnillo is the world’s largest. Other leading primary silver producers include Canadian Pan American Silver and U.S.-based Coeur Mining. The leading companies in terms of the amount of silver produced are Fresnillo and Polish KGHM Polska Miedz.

United States Silver Industry

The United States is in tenth place when it comes to silver mine production. In 2019, U.S. silver production was slightly under one thousand metric tons. The second-largest portion of silver produced in the U.S. comes from secondary refinery production through new and old scrap. As the leading global silver consumer, the U.S. imported around 4,700 metric tons of this precious metal in 2019. At the same time, some 300 metric tons were exported.

Supply, Demand, and Prices

The global supply of silver stands at around one billion ounces. Nearly half of all the silver supplied worldwide is used for industrial applications. Other sizable segments go into investment, coinage, and the jewelry industry. Looking at the last four decades, the price of silver has shown a steady increase, reaching new record highs since 2010. The average London fixed price for one ounce of silver was a high of 35.25 U.S. dollars in 2011, dropping to 16.19 U.S. dollars in 2019.

Interesting statistics

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Silver

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Top primary producers

United States

Supply, demand, price

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