Key Takeaways
- Silver is a precious metal used as both a store of value and in industrial applications.
- Investors and traders buy physical silver through commodities markets and ETFs as well as mining company stocks.
- Silver production is a key export for certain countries, and we list the top 10 global silver producers below.
Silver is a metal with a variety of applications. It is technically classified as a precious metal, but it has many industrial uses and is used in a variety of technologies and products that most people in the developed world use daily. In 2024 (the most recent information available), silver production went down globally to an estimated 25,000 tons vs. 25,500 tons in 2023.
Below are the top global rankings of silver production by country, based on estimated data by the U.S. Geological Survey (USGS). Outside of the top 10, the rest of the world produced only 2,100 metric tons in 2024.
1. Mexico
The number one silver-producing country in the world is Mexico. The country produced 6,300 metric tons in 2024. Silver production in Mexico usually increases annually, but may not do so in 2026.
2. China
In 2024, China produced 3,300 metric tons of silver. The country retained its second-place ranking from 2023.
3. Peru
Peru maintained its third-place ranking from 2023 to 2024. The South American nation produced 3,200 metric tons of silver in 2024. While a small country, Peru is thought to have the world’s largest reserves of silver, with 140,000 metric tons.
4 (tie). Bolivia
The South American nation of Bolivia ranks fourth on the list, tying with Poland. It produced 1,300 metric tons of silver in 2024. The country has many silver mines, especially the Cerro Rico de Potosí, which is estimated to still have large deposits of silver inside. The San Cristóbal mine in Bolivia has the third-largest silver deposits of any single mine in the world.
4 (tie). Poland
Poland produced 1,300 metric tons of silver in 2024. Poland holds a unique place in the silver markets: Despite being a small country the size of New Mexico, it has large silver reserves of 61,000 metric tons.
5 (tie). Chile
Chile produced 1,200 metric tons in 2024. Chile is comparable in size to Texas and has an estimated 26,000 metric tons of silver reserves.
5 (tie). Russia
Russia is twice as large as the United States, but only produced 1,200 metric tons in 2024. The total silver deposits of Russia are the third-highest and estimated at 92,000 metric tons.
6. United States
In 2024, the U.S. produced 1,100 metric tons of the metal, mainly from four dedicated silver mines and nearly 31 other base and precious metal mining operations around the country. The two top silver-producing states are Alaska and Idaho.
7 (tie). Australia
Australia is a country that has held relatively stable silver production levels. The country produced 1,000 metric tons of silver in 2024. It has the second-largest silver reserves after Peru. Australia is about 80% of the geographic size of the United States.
7 (tie). Kazahkstan
Like Australia, Kazahkstan’s silver production levels are similar to 2023. The country produced 1,000 metric tons of silver in 2024. Kazahkstan is about twice the size of Alaska, the largest U.S. state.
8 (tie). Argentina
With silver production at 800 metric tons in 2024, Argentina ranks eighth. It joins several other Latin American nations on the list, including Bolivia, Peru, Chile, and Mexico.
8 (tie). India
India produced 800 metric tons of silver in 2024, relatively unchanged from 2023. While the country is a major silver producer, it is also a significant silver importer due to investment demand.
9. Sweden
With silver production at 400 metric tons in 2024, Sweden ranked ninth. The country is about the same size as California, and its mining origins date back to the 13th century.
10. Canada
The United States’ northern neighbor, Canada, ranks 10th on the list, producing 300 metric tons of silver in 2024. The country has the fewest silver reserves on the list: only 4,900 metric tons.
How Much Silver Has Ever Been Mined in the World?
According to the USGS, roughly 1.74 million metric tons of silver have ever been mined to date. If that were melted down and made into a cube, all the silver ever discovered would fit in a cube 55 meters (about 180.5 feet) on each side.
How Much Silver Reserves Are Estimated to Yet Be Extracted?
Geologists and mining companies estimate that there are about 2.7 million to 3.1 million metric tons of recoverable silver remaining in the world.
What Is Sterling Silver?
Silver is gauged by its “fineness,” or the percentage of silver actually present in the metal or ore. Pure silver would be 100% fineness. Sterling silver, on the other hand, is defined as an alloy containing 92.5% silver and 7.5% copper (and/or other metals).
What Is the Price of Silver?
The price of silver fluctuates in the market based on its supply and demand. Investors look to silver as a store of value and an investment as a precious metal. Others purchase silver for jewelry, coinage, or other industrial uses.
As of Jan. 15, 2026, one troy ounce of silver traded for roughly USD $91.85.