馃 GEOPOLITICS: MAIN SILVER PRODUCING COUNTRIES 馃
In fact, the relevance is linked to silver could be considering as a currency and reserve rate, and for use in the manufacture of solar cells, which are necessary for clean energy policy. Silver is a versatile metal with a wide range of uses. Some other of the most common uses of silver include jewelry, photography, electrical components, medical devices and other industrial applications. According with Silver Institute's 2022 Silver Market Report, the top 20 are:
Rank | Country | Mined (metric tons) billion cubic meters | % Accumulated
1 Mexico 6,300.0 25% 25%
2 Peru 3,700.0 15% 40%
3 China 3,600.0 14% 54%
4 Chile 1,600.0 6% 60%
5 Bolivia 1,600.0 6% 66%
6 Australia 1,400.0 6% 72%
7 Poland 1,300.0 5% 77%
8 Russia 1,200.0 5% 82%
9 United States 870.0 3% 85%
10 Argentina 750.0 3% 88%
11 Canada 700.0 3% 91%
12 Germany 450.0 2% 93%
13 Portugal 400.0 2% 94%
14 Austria 350.0 1% 96%
15 Kyrgyzstan 250.0 1% 97%
16 Kazakhstan 200.0 1% 98%
17 Mongolia 200.0 1% 98%
18 Uzbekistan 150.0 1% 99%
19 Indonesia 150.0 1% 99%
20 Serbia 130.0 1% 100%
Latin America controls about ± 9% of total production with only 4 countries: M茅xico, Per煤, Chile, Bolivia and Argentina. However, only 8 controls ± 80% of production. These are, in addition to the above: China, Australia, Poland and Russia. Of these nations, only 2 (Australia and Poland) could be consider as pro-USA bloc.
A pro-USA bloc (Australia, Poland, USA, Canada, Germany, Portugal, Austria and Serbia) only controls ± 22%, and ± 78% might be controlled by the rest. The BRICS controls ± 19%, Arab world ± 2% and a pro-China bloc a ± 22%. LATAM has a large margin of power with this resource.
Based on a sample of last 3 years (weekly data to 19/08/23) with ETFs as reference, silver has a correlation of ± 41% with uranium, ± 58% with copper, ± 80% with gold, ± 30% with oil and ± 29% with coal. It has an inverse correlation of ± -12% with natural gas. Their correlation with US500 is ± 27%.
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J. Joel Padilla
Copyright: Joel Padilla 2023
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