Average London fix price of silver 1975-2023
The annual average of London fix price for one ounce of silver in 2023 was 23.35 USD U.S. dollars.
The global silver industry
Silver is a soft, white, malleable metal that has the highest electrical and thermal conductivity of all metals. Silver is most commonly used to make coins, jewelry, and silverware. It is typically produced as a byproduct of copper, gold, lead, and zinc refining. The estimated global mine production of silver in 2023 was 26,000 metric tons. The leading country in silver production in 2023 was Mexico. In that year, Mexico produced about 6,400 metric tons of silver. Peru had the largest silver reserves worldwide, amounting to 110,000 metric tons as of 2023.
Silver in the United States
Silver exports from the United States have been fluctuating since 2008. In 2023, the United States exported about 80 metric tons of silver, a significant decrease from the 946 metric tons they exported in 2012. U.S. imports of silver for consumption, meanwhile, amounted to 4,700 metric tons in 2023.
