Global Silver Reserves Shrink as Half Used in Industry, USGS Reports

The U.S. Geological Survey estimates that about 1.7 million tonnes of silver have been mined throughout human history – enough to form a cube roughly 55 m on each side. Roughly half of that total has been consumed in industrial applications such as electronics, solar panels, medical devices and AI‑related technologies, and most of it cannot be recovered.

Mexico remains the world’s largest producer, with 5,600 tonnes in 2020, while Peru, China, Russia, Chile, Australia and Poland also rank among top exporters. The USGS projects an additional 500,000 tonnes of undiscovered silver worldwide. Rising demand from high‑tech sectors has turned the metal into an investment focus, with spot prices around $60 per ounce and growing interest among retail investors, especially in Vietnam.