Silver is a precious metal that humans have valued for thousands of years. It is used for various applications, from jewelry to electronics to medical equipment. As a result, silver is mined and produced in significant quantities each year. In this article, we will explore how much silver is mined each year, the remaining reserves of silver, and the amount of silver in the world.
Remaining Reserves of Silver
Silver is a finite resource, meaning that only a certain amount of it can be mined from the earth. Therefore, the remaining reserves of silver refer to the amount still available to be mined. According to a report by the US Geological Survey (USGS), the global reserves of silver were estimated to be around 570,000 metric tons in 2020.
Mexico is the world’s largest producer of silver, followed by Peru, China, and Russia. The United States is also a significant producer of silver, particularly in the states of Nevada, Alaska, and Utah. However, despite the considerable production of silver, a finite amount of it is still available to be mined.
The USGS report estimates that the remaining reserves of silver are sufficient to meet the demand for approximately 17 years. However, it’s important to note that this estimate is based on current production levels and does not consider any potential changes in demand or mining technology.
Amount of Silver in the World
Estimating the amount of silver in the world is a complex task that involves analyzing various factors, such as the historical production of silver, the amount of silver used in multiple applications, and the estimated remaining reserves of silver.
According to a report by BullionByPost, the total amount of silver mined throughout history is estimated to be around 1.5 million metric tons. However, it’s important to note that this estimate is based on incomplete data and may need more accuracy.
Another way to estimate the amount of silver in the world is to look at the production of silver each year. According to a report by Statista, the global production of silver amounted to approximately 25,000 metric tons in 2020. This represents a significant increase from the previous year when the COVID-19 pandemic impacted production.
Silver production varies significantly by country. As mentioned earlier, Mexico is the world’s largest producer of silver, producing approximately 6,300 metric tons in 2020. Peru is the second-largest producer, producing approximately 3,800 metric tons. China, Russia, and Australia round out the top five silver-producing countries.
It’s worth noting that various factors, such as changes in demand, changes in mining technology, and fluctuations in the price of silver, can impact the production of silver. As a result, the amount of silver that is mined each year can vary significantly.
Silver is a precious metal mined and produced in significant quantities yearly. While there is still a considerable amount of silver available to be mined, the remaining reserves of silver are finite, so it is essential to use this resource responsibly. By understanding how much silver is mined each year, the remaining reserves of silver, and the amount of silver in the world, we can better understand this vital resource and its role in our lives
Silver remains the second-most popular precious metal for commodity investing, both in the United States and internationally. Since many silver bars and coins qualify for Self-Directed IRA inclusion, investors can protect their portfolio while staving off the IRS, too.
You can own real, physical silver bullion and store it in a tax-advantaged retirement vehicle. American Bullion can discuss your options and help you every step of the way. Our goal is to help you take control of your own finances, and we promise to be transparent, safe, and efficient in the process.