Global Silver Market Update: Peru Dominates Reserves as Prices Soar

Record Price Surge in 2025

Silver prices reached an all-time high in December 2025, driven by heightened geopolitical tensions and a significant weakening of the US dollar. The commodity saw an extraordinary 160% price increase throughout 2025, outperforming even gold. This surge was accompanied by a notable shift in global market dynamics, with futures contracts briefly touching around US$80 per ounce.

Global Silver Reserves Distribution

The United States Geological Survey (USGS) data through January 2025 reveals that global silver reserves total approximately 641,400 metric tons. Peru stands out as the clear leader in silver reserves, holding an estimated 140,000 metric tons, or about 22% of global reserves. The country maintains its position as a strategic player in the global silver market.

Other Major Reserve Holders

Following Peru, a group of significant reserve holders includes:

• Australia: 94,000 metric tons
• Russia: 78,000 metric tons
• China: 70,000 metric tons

These three countries collectively control about 40% of global silver reserves, creating a concentrated market structure that could influence future supply dynamics.

Market Implications

The concentration of silver reserves in these key countries has important implications for the global market:

1. Supply concentration: The dominance of a few countries in silver reserves could lead to supply chain vulnerabilities.
2. Price volatility: Geopolitical developments in these nations could significantly impact global silver prices.
3. Market opportunities: The growing demand for silver in industrial applications, particularly in renewable energy technologies, may drive further price movements.

Future Outlook

As the global economy continues to navigate through geopolitical uncertainties and currency fluctuations, the silver market is likely to remain under significant pressure. The current reserve distribution suggests that Peru will maintain its strategic importance in the global silver supply chain, while other major reserve holders will also play crucial roles in shaping market dynamics.