Who Produces the Most Silver?

Investing in precious metal is a long-honored tradition. Thousands of years ago, gold and silver became a popular currency, mostly because the small coins were easier to carry to the Greek agora than a handful of cows and sheep to exchange for other goods. Since then, the precious metal has served as a reliable hedge against economic fluctuations.

For most people, investing in precious metals has translated into buying gold bars. Many overlook the opportunity of investing in silver, the price of which has been hovering around and above the $20.00 mark through 2020.

Many investors overlook the possible gains from buying silver bars. The cost of a silver bar is far less than the cost of a gold bar. Thus, it allows more people – especially people who do not usually invest – to buy silver as a hedge against the rising prices which are expected in the coming years due to unprecedented quantitative easing programs by central banks globally. 

In 2019, 27,000 tons of silver were produced. Several countries mine considerable silver. Here are the top 10: 

The United States is number 10 in silver production. It produced 980 tons of silver in 2019, most from silver mines located in Alaska and Nevada.

Argentina and Bolivia tie as the 9th and 8th most relevant silver producing country. Argentina’s 2019 production was up 17.6 percent. Bolivia produced 1,200 tons of silver last year, slightly increasing its 2018 production. 

Bolivia has several productive silver mines. Its largest is the Cerro Rico de Potosí mine. Bolivia’s San Cristobal ranks as the third-largest silver mine in the world. 

Chile, ranking number 7 in global silver production, has around 27,000 tons of silver in reserve. In 2019, the country mined 1,300 tons of the precious metal.

Number six in silver production in Australia. It produced 1,400 tons of silver last year.

Poland, ranking number 5 in the production of silver, mined 1,700 tons in 2019. This is up 15 percent from the previous year. While Poland’s country may be small in size, it has large silver reserves in the amount of 100,000 tons.

Russia, with its huge landmass, is number 4 in silver production. It has produced just over 2,000 tons annually in the past two years. It is estimated that the country has silver deposits up to 45,000 tons.

China comes in 3rd in world silver operation. It mined approximately twice the amount of silver as the U.S. 

Peru has been increasing its silver production and has reached second place in global production. It produced 3,800 tons in 2019, which is less than the 4,160 tons it produced in 2018. This is primarily due to internal strikes. It is believed that Peru has the largest silver reserves in the world, amounting to 120,000 tons.

Mexico is number 1 in silver production. It produced 6,300 tons in 2019. This is an increase from the previous year, and Mexico is expected to continue increasing its silver mining production.

Silver’s value lies in that it is used for jewelry, electronics, and as a monetary debasement hedge. Many everyday items require silver, thus continually increasing the need for this precious metal.