Silver is the most affordable and most abundant of all the precious metals. Much like gold, silver is coveted as an investment option and is available in the form of coins, bars and jewellery.
Industrial silver demand was estimated at 508 Moz in 2021, up 9% y/y and slightly above pre-pandemic levels. Within industrial demand, electrical and electronics accounted for the majority of demand 2021.
Global economic silver reserves were estimated at 500 kmt (~18 bn oz) in 2020, according to data from the US Geological Survey. Peru, Australia, and Poland have the largest silver reserves with 91k, 88k, and 70k metric tons, respectively. In terms of production, Mexico, Peru and China were the top three silver producing countries in 2020.