Silver remains one of the go-to commodities for most central banks around the globe. Although the focus has shifted to gold bullion over the years, there are still vast quantities of silver held in vaults. The following countries have, at the time of writing, the largest silver reserves.
#1 Peru / Poland
To many people’s surprise, the world’s largest silver reserves are not located in countries one would come to expect. Both Poland and Peru currently hold the crown for the largest silver reserves in 2019. Both nations have 110,000 metric tons in reserves, which is an absolutely shocking amount.
The silver mine production in both countries is also much higher compared to the rest of the world, which helps contribute to these figures. According to the report, the reserve figures for both countries were revised based on information shared by official government sources.
Although Australia does not operate silver mines capable of generating the same production as Poland or Peru, the country still has plenty of reserves. With 89,000 metric tons of silver reserves, Australia is well ahead of the next country on the list. This also shows the country has faith in this precious metal, either as a store of value, or as a potential hedge against future economic volatility.
Considering how Russia is seemingly eager to move away from the US Dollar, precious metals would be of great interest to their national bank. The recent figures shared by the US Geological Survey confirm that Russia has a modest supply of silver reserves. With just 45,000 metric tons under their control, the country is still ahead of a lot of Western nations.
It is not entirely surprising to learn that China has plenty of precious metal reserves in general. Although its government and central bank favor gold over silver, the country still has 41,000 metric tons of reserves. China is also home to several silver mines, which have seemingly increased their production by nearly 3% compared to 2017.
For a country that is often plagued by financial uncertainty, Mexico is home to 37,000 metric tons of silver reserves. How those reserves are – or will be – used is not clear at this time. It is a decent enough supply to deal with most economic problems that may arise in the future. If President Trump remains the leader of the US, it seems likely financial tension between both countries will flare up sooner rather than later.