Which Nations Lead the World in Silver Investment?

 

Silver is widely used for industrial purposes, which is why it ranks among the most in-demand metals in the world. If they’re deciding whether to buy silver bullion, Carlsbad precious metals collectors might be interested in the following information about the top five countries that use silver.



The United States

The United States is the world’s largest investor and consumer of silver. Since 2010, Americans have purchased more than 900 million ounces of silver. This isn’t much of a surprise, since investors tend to move toward precious metals when the economy goes south, as it did during the 2020 pandemic. As mentioned above, there are also a lot of industrial uses for silver (e.g., dentistry, automotive materials, cell phones, etc.). Many Americans buy physical precious metals like silver as a hedge against inflation. While gold is more popular for this purpose, silver is more affordable. With silver coins, the American Eagle design is one of the most popular designs in the world among buyers and collectors.

India

India ranks second with 615 million ounces of silver. India, like the United States, also uses silver for industrial purposes when it’s broken down into usable form. Furthermore, most of the physical silver purchased by Indians is in bar form, suggesting there’s also an appeal for lower-cost bullion in a nation where there are large economic disparities. India uses silver primarily for cultural and decorative purposes in traditional and modern jewelry, utensils, and industrial applications such as solar energy and electronics.

Germany

Germany ranks third with 265 million ounces of silver. Last year, Germans acquired 32 Moz (million ounces) of silver bars and coins. Germany was a bit of a surprise, since it has fewer people than fourth-ranked China. The Germans also use silver for automaking and other industrial uses. Given Germany’s reputation as one of the top carmakers in the world, it’s understandable that it uses silver in higher amounts for industrial purposes. Germany also uses silver mixed with other alloys to make low-cost silver items like cooking utensils.

China

As mentioned above, China is number four on the list of the top consumers and buyers of silver in the world. The reason for China’s ranking rather low on the list is that it tends to be more focused on gold. China uses silver mostly for industrial purposes, although it’s also used for ceremonial occasions. The Chinese people used 139 million ounces of silver, according to a ranking produced by the Silver Institute.

Canada

Another surprise on this list is Canada’s ranking at number five. Part of the reason is the popularity of the Canadian Maple Leaf design. The Royal Canadian Mint produced nearly 16 Moz of official silver coins in the last year, as ranked by the Silver Institute for Canada. Citizens only purchased 5 Moz of silver bars and coins. Most of the Silver Maple Leafs were bought by Americans or other foreign buyers. In total, Canada used 56 million ounces of silver. 

 

Whether you’re looking for expert advice on silver prices or searching for the best place to buy gold in Carlsbad, make sure to work with trustworthy precious metal dealers who offer high-quality service and have years of experience. Call on the industry-leading professionals at First National Bullion when you’re ready to invest in precious metals, including gold, silver, platinum, and palladium. Give us a call today.

 

The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.