Silver - Statistics & Facts

Global silver production through mining came to some 25 thousand metric tons in 2017. The world’s top silver producer is currently Mexico, with its mining industry generating 5,600 metric tons of this precious metal. Peru, China, and Russia are the next largest producers, while the countries with the largest silver reserves are Peru, Australia, and Poland. Silver is most often a by-product of the extraction process of other metals, primarily lead, zinc, and copper.

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 Polish KGHM Polska Miedz and Australian BHP Billiton.

The United States is in ninth place when it comes to silver mine production. In 2017, U.S. silver production was slightly over one thousand metric tons. Interestingly, the 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 5,300 metric tons of this precious metal in 2017. At the same time, some 160 metric tons were exported.

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 showed a steady increase, reaching new record highs since 2010. The average London fixed price for one ounce of silver was 35.11 U.S. dollars in 2011, dropping to 17.14 U.S. dollars in 2016.

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Silver - Important statistics

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