The Experts Club analytical center has published a video study on silver production in the world by leading countries in 1971-2024, which shows the long-term restructuring of production geography and the strengthening of the role of Latin America and a number of Asian countries.
According to the study (source: BGS), Mexico will remain the largest silver producer in 2024 with 7.43 million kg, having been the undisputed world leader in silver production for 15 consecutive years. It is followed by China with 3.389 million kg and Peru with 3.065 million kg. The next group of producers includes Russia (1.604 million kg), Poland (1.534 million kg), Bolivia (1.495 million kg), Australia (1.218 million kg), the United States (1.097 million kg), Chile (1.049 million kg), and Kazakhstan (878,000 kg).
The top 20 for 2024 also included Argentina (775 thousand kg), India (769 thousand kg), Canada (410 thousand kg), Sweden (372 thousand kg), Indonesia (325 thousand kg), Uzbekistan (258 thousand kg), Morocco (224,000 kg), Papua New Guinea (137,000 kg), Brazil (102,600 kg), and Turkey (96,130 kg).
The study notes that over the decade, the centers of production have changed: some countries have increased output by expanding polymetallic projects, where silver is often a by-product, while leadership has gradually consolidated among large producers with a stable raw material base and developed processing.
Commenting on the results, Experts Club founder Maxim Urakin emphasized that the long series from 1971 to 2024 shows not just a “race” between countries, but investment cycles and a structural shift in demand: “Silver is increasingly perceived as a strategic metal — both for industry and for investors, so understanding who has been increasing production for decades and how helps to assess future risks of shortages and price spikes.”
According to analysts’ estimates, the value of silver in 2025 rose by a record 128.47%, which was the best result among major assets and exceeded the dynamics of gold (+66.59%) as well as the largest crypto assets, which ended 2025 in negative territory (BTC -5.75%, ETH -11.58%).
The video analysis is available on the Experts Club YouTube channel –
Spot prices for silver hit a historic high amid increased demand for safe-haven assets and expectations of a softening of US Federal Reserve policy. Silver rose 1% to trade at $72.15 per ounce, with prices reaching a record high of $72.7 per ounce during the session, according to Experts Club.
Market participants attribute the growth to increased geopolitical risks, as well as “weak liquidity” at the end of the year, which can make market movements more volatile. As noted by Ilya Spivak, head of global macroeconomics at financial company Tastylive, precious metals are perceived as a neutral asset “without sovereign risk” in the context of deglobalization, and silver could approach $80 per ounce in the next 6-12 months.
Earlier, the Experts Club analytical center released a video analysis of the race for global leadership in silver production from 1971 to 2024. The analysis is available on the Experts Club YouTube channel.
Precious metals showed the strongest performance among key asset classes in 2025 amid geopolitical tensions, expectations of a softening US Federal Reserve policy, and seasonally low liquidity at the end of the year.
According to market reports, silver rose 128.47%, gold rose 66.59%, and copper rose 35.45%.
US stock indices also ended the year in positive territory: the Nasdaq added 19.70% and the Russell 2000 added 12.53%.
At the same time, the crypto market showed weaker dynamics: Bitcoin fell by 5.75%, Ethereum by 11.58%, and the altcoin sector by 42.27%.
In the commodities market, the key driver was the “defensive” component of demand: gold hit new all-time highs in 2025, while silver showed relatively sharp growth; copper also strengthened amid bets on infrastructure and industrial demand.
The price of silver on the spot market went up 3% during trading on Tuesday, hitting $60.24 per ounce, which is a new all-time high.
Gold rose 0.4% to $4,235.9 per ounce.
The rise in the cost of precious metals is driven by expectations that the Federal Reserve will cut its benchmark interest rate by 25 basis points following its next meeting on Wednesday. Based on futures quotes for the rate, traders estimate the probability of this at 89.6%, according to CME FedWatch.
If the forecast comes true, the rate will be reduced for the third consecutive meeting.
“Another 25 basis point rate cut is expected, which is generally optimistic for gold. The market remains strong and could reach record prices after the Fed’s announcement,” said Bob Haberkorn, senior market strategist at RJO Futures.
Currently, it takes 71 ounces of silver to buy 1 ounce of gold, compared to 82 ounces in October.
“The silver-to-gold price ratio is 70 times closer to the average for the last couple of decades, but historically we have gone as low as 40. So, there is definitely potential for growth,“ said Maria Smirnova, director of investments at Sprott Asset Management. ”If we don’t eliminate the deficit, silver has only one way to go — up.”
The rapid growth in the price of gold continues on global markets: December futures prices on the Comex exchange rose to $3,965 per troy ounce on Monday
Against the backdrop of rising gold prices, other precious metals are also becoming more expensive.
Platinum added about 0.8%, rising to $1,085 per ounce, on expectations of reduced supply from South Africa.
Silver strengthened by 1.2%, reaching $32.7 per ounce, following the general increase in interest in precious metals.
According to experts, if political uncertainty in the US and the EU persists, gold could consolidate above the $4,000 mark, with silver and platinum continuing to rise moderately in its wake.
Earlier, the Experts Club analytical center presented an analysis of the world’s leading gold-producing countries in its video on YouTube channel – https://youtube.com/shorts/DWbzJ1e2tJc?si=9YBue5CS6dz-tA6_
The price of silver rose to its highest level in 14 years on Monday due to growing interest in safe assets. On the spot market, the price of silver increased by 2.4% to $40.61 per ounce, the highest since September 2011.
Experts note that demand for silver and other precious metals is being supported by uncertainty surrounding US trade policy and expectations for the release of a labor market report that could influence the Fed’s future interest rate decisions.
