You may know the country that produces the best silver, but do you know the country that produces the best silver in terms of safety?
Silver investors are interested in countries that produce ounces of the metal. After all, if a country produces a lot of silver, many mining companies operate there and have profitable investment opportunities. It also means it is easier to buy silver bullion.
However, it is also worth considering silver reserves, also known as silver reserves of mining countries. In general, the largest silver producers in the world also have large silver reserves that are worth noting, but some countries with large silver reserves do not have much metal.
Where there is an opportunity to increase the number of silver mines, there is also money to be made. For this reason, precious metal investors also want to know which countries can become suppliers of silver.
With that in mind, here is a review of the best financial countries by app. All information is based on the latest silver data from the US Geological Survey.
Silver reserves: 98,000 MT
With 98,000 metric tons (MT), Peru tops the list of the highest silver reserves in a single country in the world. And unlike some countries that have a lot of silver, the country is a silver producer in 2022. Peru produced 3,100 MT of iron last year, ranking third in the world for silver production.
Peru’s silver comes from Antamina mine, located in Huari. The mine is under a joint venture between Glencore, Teck resources, Mitsubishi and BHP. Even though it is a copper mine, it produces more silver than any mineral in the country. Peru’s mines account for more than 50% of the country’s exports and its silver mining has a rich history dating back 1,000 years. Peru is also a leading copper miner, the second largest producer of copper in the world, behind Chile.
China ranks second in terms of silver production and reserves. The country produced 3,400 MT of silver in 2022, while its reserves stand at 71,000 MT.
Despite its large silver production, most of China’s silver production comes from products of other metals. The gold and silver trade is a major market in Asian countries, which has helped promote the development of its mining industry in China in recent years.
Another silver producer in the world is Poland. It has silver reserves of 65,000 MT, but in 2022 it only managed to produce 1,300 MT of the precious metal. KGHM is one of the largest producers of gold and silver and its sales represent 12% of its turnover. You can buy silver bullion from any number of polish refineries. Most companies sell silver ingots and grain, which are produced at the copper smelter in Głogów. Peru, China, and Poland have the world’s biggest silver reserves, but there are many other countries with the highest silver reserves to be aware of. Here’s a quick look at what other cities are doing:
- Russia – 45,000 tons
- Mexico – 37,000 tons
- Australia – 27,000 tons
- Chile – 26,000 MT
- United States – 23,000 tons
- Bolivia – 22,000 MT
Other countries not listed above combined to hold a total of 57,000 MT in silver reserves, according to the US Geological Survey. The world total for storage is 550,000 MT. Strangely