Silver prices have nearly doubled since May, rising from around $38 to over $74 per ounce, as demand outpaces supply. The development was highlighted in a post on X by user Mario Nawfal, which was later retweeted by Tesla CEO Elon Musk. Musk shared the post with the caption, “This is not good. Silver is needed in many industrial processes.”
Silver supply risks and industrial impact
The post noted that silver is a critical input for sectors such as solar energy, electric vehicles, electronics, medical equipment and 5G infrastructure. It highlighted silver’s unique property as the most electrically conductive metal, making it difficult to substitute in many industrial applications.
China controls a significant share of global silver refining capacity. According to the post, export restrictions could tighten supply, push prices higher and create bottlenecks for green energy and technology manufacturing worldwide, increasing the cost of the energy transition.
Top silver-producing countries
| Rank | Country | Production (million ounces) | World share (%) |
| 1 | Mexico | 202.2 | 24 |
| 2 | China | 109.3 | 13 |
| 3 | Peru | 107.1 | 13 |
| 4 | Chile | 52.0 | 6 |
| 5 | Bolivia | 42.6 | 5 |
| 6 | Poland | 42.5 | 5 |
| 7 | Russia | 39.8 | 5 |
| 8 | Australia | 34.4 | 4 |
| 9 | United States | 32.0 | 4 |
| 10 | Argentina | 26.0 | 3 |
