While gold mining often takes center stage in the media, silver is also a finite natural resource. In this article, we answer the key questions about silver mining.

How Much Silver Has Been Mined Worldwide?

Data from the U.S. Geological Survey (USGS) shows that 1.74 million tons of silver have been discovered globally. The vast majority of this has been found in Mexico, China, Peru, and Russia. Over the past four years, global silver mining production has decreased annually.

What Is the Global Demand for Silver?

In 2019, global demand for silver increased by 0.4% compared to 2018. Growing investor interest in silver was one of the driving factors behind this rise. The demand for silver as a means of wealth preservation increased by 12% in that year. However, demand in sectors like jewelry and photography declined.

How Does the Silver Supply Compare to the Gold Supply?

Globally, about 198,000 tons of gold have been mined, significantly less than the 1.7 million tons of silver already extracted. It is estimated that approximately 560,000 tons of silver remain in the ground, compared to 54,000 tons of gold.

Where Is Silver Primarily Found?

In 2019, silver mines worldwide produced 27,000 tons of silver. The largest silver mines are located in Mexico, followed by Peru, China, and Russia. Countries like Argentina, Poland, and Australia are actively expanding their mining capacities. The largest untapped silver reserves are found in Peru, Poland, Australia, and Russia.

How Can You Buy Silver?

Many people own silver in the form of jewelry. However, other silver products are much more suitable for wealth preservation. Each year, large quantities of silver coins are minted and sold as investment and collectible coins.
While it is also possible to buy silver bars, this is less advantageous for Dutch private buyers because silver bars are not eligible for the favorable margin scheme. This means you pay VAT on silver bars, whereas silver coins are exempt.
Interested in purchasing silver as an investment product? Contact one of our sales advisors.