Silver (Ag): Uses, Supply Chain and Market
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Silver is obtained mostly as a byproduct of lead-zinc, copper and gold mining, and it is used in electronics, photovoltaics, investment, coins and jewelry. In 2025 Mexico produced an estimated 6,300 t, 24% of world mine production (USGS world total: 26,000 t), according to the US Geological Survey (USGS). US net import reliance for silver in 2025 was 77%. Silver is on the US critical minerals list.
Which countries produce silver?
| Country | 2024 | 2025 (estimate) | Share of 2025 world | Reserves (t) |
|---|---|---|---|---|
| Mexico | 5,780 | 6,300 | 24% | 37,000 |
| Peru | 3,510 | 3,600 | 14% | 110,000 |
| China | 3,430 | 3,400 | 13% | 67,000 |
| Bolivia | 1,490 | 1,500 | 5.8% | 22,000 |
| Chile | 1,200 | 1,400 | 5.4% | 33,000 |
| Poland | 1,320 | 1,300 | 5% | 59,000 |
| Russia | 1,280 | 1,200 | 4.6% | 92,000 |
| United States | 1,050 | 1,100 | 4.2% | 23,000 |
| All other countries | 6,282 | 6,130 | 24% | NA |
| World total (USGS, rounded) | 25,300 | 26,000 | 100% | 610,000 |
Source: USGS Mineral Commodity Summaries 2026, Silver. Shares are calculated from the country figures and can differ by a point or two from percentages USGS states in its text, because USGS rounds its figures. NA means not available; Withheld means USGS withheld the figure to avoid disclosing company data.
What is silver used for?
USGS notes that silver combines high ductility, electrical conductivity, malleability and reflectivity.
- Electrical and electronics: 25% of estimated US use in 2025
- Other industrial uses and photography: 19%
- Net physical investment (bars): 18%
- Photovoltaics: 15%
- Coins and medals: 14%
- Jewelry and silverware: 6%
- Brazing and solder: 3%
How much does silver cost?
| Price | Unit | 2021 | 2022 | 2023 | 2024 | 2025 (estimate) |
|---|---|---|---|---|---|---|
| Silver bullion, average | dollars per troy ounce | 25.23 | 21.88 | 23.54 | 28.37 | 38 |
Source: USGS Mineral Commodity Summaries 2026, Silver. The 2025 figures are USGS estimates. Prices are annual averages of the series named in each row, so they are not live quotes.
Is silver a critical mineral?
Silver is on the US critical minerals list. Each government builds its list with its own method, so a mineral can be critical in one place and not in another.
| Jurisdiction | Status |
|---|---|
| United States | Critical mineral (final 2025 list) |
| European Union | Not listed |
| Australia | Not listed |
| Canada | Not listed |
Lists last checked against the primary publications on October 12, 2026. See the comparison of all four lists.
Export controls and trade measures
- China has required export licenses for silver since 2026 (USGS Table 4).
- Laos has banned raw mineral exports including silver since 2024 and Tanzania bans exports of silver ore concentrates (2017).
See the export controls tracker for dates and current status.
What are the substitutes for silver?
| Application | Substitute and trade-off |
|---|---|
| Traditional photography | Digital imaging, film with reduced silver content, silverless black-and-white film and xerography |
| Surgical pins and plates | Stainless steel, tantalum and titanium |
| Flatware | Stainless steel |
| Mirrors and reflecting surfaces | Aluminum and rhodium |
| Batteries | Nonsilver batteries in some applications |
Source: USGS Mineral Commodity Summaries 2026, Silver. USGS says substitutes often cost performance or money; the table gives its wording for each application.
Can silver be recycled?
Approximately 1,000 tons of silver was recovered from new and old scrap in 2025, accounting for about 11% of US apparent consumption.
What are the supply risks and recent events for silver?
- 2025. The average silver price was an estimated $38 per troy ounce, 34% above 2024. It began the year at $29.35, the yearly low, rose for 11 months and reached a high of $53.60 on November 13. USGS cited the continued supply deficit.
- 2025. World silver consumption was an estimated 35,700 tons against 36,100 tons in 2024. Coin and bar consumption rose 7%, industrial use was unchanged because of slower ethylene oxide capacity growth and lower silver loadings in photovoltaics, and jewelry and silverware fell 6% and 15%. World mine production rose slightly to an estimated 26,000 tons.
- November 2025. Silver was added to the US Final 2025 List of Critical Minerals.
US import sources, 2021 to 2024. Mexico, 47%; Canada, 18%; Chile and Turkey, 5% each; and other, 25%. (USGS)
Resources. Silver was obtained primarily as a byproduct of lead-zinc, copper and gold mines. The polymetallic deposits it comes from account for more than two-thirds of US and world silver resources.
Which silver projects are on official lists?
| Project | State | Expected products | List |
|---|---|---|---|
| Contango Ore Johnson Tract Critical Metals Project | Alaska | Copper, zinc, gold, silver and lead | Covered |
| Red Dog Mine Life Extension Project | Alaska | Zinc, lead, silver and germanium | Covered |
Source: Permitting Council, current covered projects and current transparency projects, last updated 2 April 2026.
Which companies produce or process silver?
| Company | Country | Role | What the source says |
|---|---|---|---|
| Fresnillo | Mexico (listed in London) | Silver and gold miner (LSE: FRES) | Its fourth quarter 2025 production report gives attributable silver production of 48.7 million ounces in 2025, down 13.5%, including 13.8 million ounces at Saucito and 10.3 million at Fresnillo, and guides 42 to 46.5 million ounces for 2026. Fresnillo: fourth quarter 2025 production report (28 January 2026), as hosted on ticker.app |
| Hecla Mining | United States (mines in the US and Canada) | Silver and gold miner (NYSE: HL) | Its 26 January 2026 release gives 2025 silver production of 17,026,785 ounces, led by Greens Creek (8,724,996), Lucky Friday (5,260,686) and Keno Hill (3,018,490), guides 15.1 to 16.5 million ounces for 2026, and calls Hecla the largest silver producer in the United States and Canada, which is its own claim. Hecla: full year 2025 production and 2026 guidance (26 January 2026) |
| Pan American Silver | Canada (mines in Mexico, Peru, Bolivia, Argentina and other countries) | Silver and gold miner (NYSE: PAAS; TSX: PAAS) | Its fourth-quarter 2025 release reports attributable silver production of 22.8 million ounces in 2025 and a 44% joint venture interest in the Juanicipio mine in Mexico, and lists operations in Canada, Mexico, Peru, Brazil, Bolivia, Chile and Argentina. Pan American Silver: fourth quarter and full year 2025 results (Form 6-K, 18 February 2026) |
| Southern Copper | Peru and Mexico | Copper miner with silver output (NYSE: SCCO) | Its January 2026 results release reports mined silver of 24,188 thousand ounces in 2025, up 15.3%, alongside copper, molybdenum and zinc. Southern Copper: fourth quarter 2025 results release (Exhibit 99.1 to Form 8-K, 27 January 2026) |
Each row links to the document that supports it. The list is not exhaustive and is not a ranking.
Frequently asked questions
What is silver used for?
Silver is used in electrical and electronics, other industrial uses and photography and net physical investment (bars). Electrical and electronics: 25% of estimated US use in 2025.
Which country produces the most silver?
Mexico produces the most silver: an estimated 6,300 t, or 24% of the world total, in 2025, according to the USGS mine production figures.
Is silver a critical mineral?
Yes. Silver is on the US critical minerals list. The United States added silver to its list in November 2025, when the final list grew from 50 to 60 minerals. US net import reliance for silver in 2025 was 77%.
How much does silver cost?
USGS reports the average 2025 price of silver at $38/oz (silver bullion, average; +34% on 2024).
Sources
Read on October 14, 2026. Figures on this page come from these documents; where a number is an estimate, the source says so.
- USGS Mineral Commodity Summaries 2026: Silver. Production, reserves, uses, substitutes, recycling and events
- USGS Mineral Commodity Summaries 2026: introduction (Table 7 and Figures 10A and 10B). Net import reliance, leading producer and price changes for critical minerals
- USGS Mineral Commodity Summaries 2026: introduction (Table 4, export controls by country)
- Federal Register: Final 2025 List of Critical Minerals
- EUR-Lex: Regulation (EU) 2024/1252
- Department of Industry, Science and Resources: Australia’s Critical Minerals List and Strategic Materials List
- Government of Canada: Canada’s critical minerals
- Permitting Council: current FAST-41 projects
- Fresnillo: fourth quarter 2025 production report (28 January 2026), as hosted on ticker.app
- Hecla: full year 2025 production and 2026 guidance (26 January 2026)
- Pan American Silver: fourth quarter and full year 2025 results (Form 6-K, 18 February 2026)
- Southern Copper: fourth quarter 2025 results release (Exhibit 99.1 to Form 8-K, 27 January 2026)
