The Experts Club analytical centre has published a video study on global silver production by leading countries from 1971 to 2024, which shows a long-term shift in the geography of production and the increasing role of Latin America and a number of Asian countries.
According to the study, in 2024 (data source: BGS), Mexico remains the largest silver producer in 2024 with 7.43 million kg, which has unchallengedly led the world in silver production for 15 consecutive years. This is followed by China at 3.389 million kg and Peru at 3.065 million kg. The next group of producers includes Russia – 1.604 million kg, Poland – 1.534 million kg, Bolivia – 1.495 million kg, Australia – 1.218 million kg, USA – 1.097 million kg, Chile – 1.049 million kg, Kazakhstan-878 thousand kg.
Also in the top 20 for 2024 are Argentina (775 thousand Kg), India (769 thousand Kg), Canada (410 thousand Kg), Sweden (372 thousand Kg), Indonesia (325 thousand Kg), Uzbekistan (258 thousand Kg), Morocco (224 thousand Kg), Papua New Guinea (137 thousand Kg), Brazil (102.6 thousand Kg) and Turkey (96.13 thousand Kg).
The study notes that over the decades, the centres of production have changed: some countries have increased output by expanding polymetallic projects, where silver is often a co-metal, while the leadership has gradually been consolidated by large producers with a stable raw material base and advanced processing.
Maxim Urakin, founder of Experts Club, commenting on the results, emphasised that the long series 1971-2024 shows not just a “race” of countries, but investment cycles and a structural shift in demand: “silver is increasingly perceived as a strategic metal – both for industry and investors, so understanding who and how has been increasing production for decades helps to assess future shortage risks and price spikes”.
According to analysts’ estimates, the value of silver for 2025 rose by a record 128.47%, which was the best result among major assets and exceeded the dynamics of gold (+66.59%), as well as the largest crypto-assets, which went into the minus at all (BTC -5.75%, ETH -11.58%) according to the results of 2025.
The video analysis is available on the Youtube channel of the Experts Club Centre.