According to the report of the US Geological Survey (USGS), which presents data on the production of silver in the world at the end of 2018, the global reserves of this precious metal may end in a few decades. The situation may change in the discovery of new large fields, experts say.
In the USGS survey, it is noted that the world production of white metal increased by 0.7% to 27,000 tons last year. The largest producers of silver are from Mexico with 6,100 tons and Peru with 4,300 tons. The most significant growth in metal production in 2018 was observed in Russia and Argentina with over 7% increase. On the contrary, silver production in the USA for the first time in many years turned out to be below 1000 tons. The largest reserves of precious metals remained in Poland and Peru with 110,000 tons each country as emphasized by the USGS.
Based on data on annual silver mining in the world, experts from the US Geological Survey calculated that the existing reserves of precious metals about 560,000 tons would be enough for about 21 years. The forecast will remain in force that is if the extraction will be conducted in the current rhythm.
At the same time, USGS experts emphasize that the geological period of development depends on many factors. In addition to the technical equipment of mining companies precious metal, the cost is of paramount importance. If silver becomes more expensive, then the industry will receive new investments in geological exploration of new deposits. As a result, global reserves of white metal may increase, which will lead to an increase in the timing of silver production for a few more years.
The material has been provided by InstaForex Company - www.instaforex.com