Peru remains the worldโs largest holder of silver reserves, accounting for 110,000 metric tons, or 18% of global known reserves.
The South American nation sits comfortably ahead of Russia and Australia, which hold 92,000 metric tons and 91,000 metric tons, respectively.
Together, the three countries account for almost half of the worldโs known silver reserves.
In addition to its traditional use in jewellery and bullion products, the metal is increasingly sought after for solar panels, electronics, electric vehicles, and emerging clean energy technologies.