Silver is a precious metal used in a variety of applications. With the increase in the use of silver in industries and other segments, its production went up worldwide to 27,000 tons in 2019. Jewelry, silverware, coin, and bar consumption levels all have gone up in recent times.
In 2016, it was for the first time in 14 years that global silver production had dropped. And, yet again in 2017, silver mine production stalled by 4.1% to 26,502 MT (metric tonnes).
The downfall has resulted from years of reduction in their capital expenditure, along with supply disruptions, particularly in the American regions. Two percent of the physical demand has reduced due to a 27% drop in coin and bar demand despite robust growth in the photovoltaic sector and industrial demand, and international jewelry and silverware markets. Last year saw the interest of investors wane from commodities like precious metals. They are focussing more on new elements like crypto-currencies. In terms of coins, they opted for old ones, which hindered the sales of new coins.
Once again, Mexico has topped as the world’s largest pure silver producer, with its output in 2019 increasing by 200 MT over the previous year. Fresnillo is the largest silver company in the world. It is in Mexico. Fresnillo created a record in 2018 when its production rose 5.3 percent from 2017.
Silver production in the US went down in recent years. In 2019 the US produced 980 MT of silver, while in 2017, it had produced 1,030 MT.
The following countries were dominant in terms of production of silver in 2019:
|Rank||Country||Silver Production (Tonnes/ MT)|
|10||The United States||980|