Where Does the World Get Its Silver?

When it comes to silver, Mexico stands well ahead of the pack, producing almost twice as much as China, its nearest rival. Together, these two countries dominate global silver mining, but the broader landscape reveals a more complex picture, especially as demand intensifies.

Much of the world’s silver comes from Latin America, with Peru and Bolivia playing major roles. While these regions are rich in natural resources, mining conditions aren’t always ideal. Regulation can be patchy, political risk is often a factor, and reliable data can be hard to come by. Complicating things further, silver is rarely the main game—it’s usually mined as a by-product of other metals like copper and zinc. That disconnect between silver prices and supply means even a strong market doesn’t necessarily lead to more production.

China, though second on the production list, is actively building out its silver mining capabilities, with companies like Silvercorp Metals expanding operations. This points to a strategic push to shore up supply as demand grows—not just from electronics and solar panels, but increasingly from investors looking for a hard asset with industrial utility.

Despite that, dedicated silver mines remain few and far between. Interest is starting to emerge in places like Kazakhstan, where joint ventures with the US are slowly taking shape. But getting a mine from concept to production takes time, and in highly regulated markets like the US or Australia, it’s a long and expensive road.

As silver's importance grows—both as an industrial metal and a financial asset—the pressure on supply is likely to intensify. Without a notable shift toward more dedicated mining, the market could remain tight for years. Higher prices and better technology might eventually unlock new sources, especially in countries where regulation has previously been a barrier. But for now, the world will continue to rely heavily on by-product supply—and the handful of nations that control it.