Where Does Silver Come From?

Silver is used for everything from jewellery to electronics and medicine – but where does it come from? In this article, we answer that question, looking at how silver formed on this Earth, which countries produce the most silver, and the many applications of silver today.

Silver’s physical and chemical properties

Silver is a chemical element with the symbol Ag (from the Latin word ‘argentum’, which means ‘shining’). It’s one of the most versatile precious metals and known for its brilliant white metallic lustre.

Silver stands out amongst other metals for its excellent conductivity. It has the highest electrical conductivity of all metals, even more than copper and gold, as well as the highest thermal conductivity and lowest contact resistance. These properties make it extremely efficient and reliable in various applications, from electronics to energy (more on that later!)

Silver is also malleable and ductile, which means it can be hammered into thin sheets or drawn into fine wires without breaking. But even though it’s softer than many base metals, silver is still strong enough for everyday use. It’s durable, doesn’t easily rust, and retains its shine for long periods of time, although it can tarnish when exposed to sulphur compounds in the air. This tarnish forms a thin layer of silver sulphide that can be polished away to restore its brilliance.

Another quality of silver is its optical reflectivity – it reflects more visible light than any other metal, which is why it has been widely used in mirrors. Silver is also able to withstand extreme conditions. It’s resistant to most forms of corrosion and reacts very little with other substances. It has a melting point of 961°C and boiling point of 2162°C.

How does silver form in nature?

Silver originally formed in ancient stars and was scattered across the universe by supernova explosions. Over millions of years, it became incorporated into the Earth’s crust, where geological processes concentrated into deposits that could be extracted and mined.

Most silver forms through a process called precipitation, where hot, mineral-rich fluids circulate underground. These hydrothermal solutions (often driven by volcanic activity) contain dissolved metals and sulfur compounds that, when exposed to high pressures and temperatures, are carried through cracks in the rock. When the hot fluids cool or encounter other chemicals, the metals ‘drop out’ of solution and crystallise as mineral deposits.

Silver is rarely found on its own and is often bound up with other minerals like silver sulfides (argentite, acanthite, etc), silver chlorides (like horn silver), or in alloys with copper, lead, or gold. In fact, silver is often mined as a by-product of extracting these other metals. This means that silver supply is heavily linked to copper, lead, zinc, and gold mining.

Silver also forms in deep-sea hydrothermal vents, sometimes called ‘black smokers’. Here, ultra-hot salty water (called brine) – up to 350°C – jets out of the seafloor. When the hot water meets the cold ocean, the dissolved metals quickly solidify to form chimney-like deposits of sulfides rich in copper, zinc, lead, and silver. Some of these are being formed today in the oceans around Papua New Guinea and Canada.

Similar Reading: How is Gold Formed and Where Does it Come From?

How is silver extracted and processed?

Silver is rarely mined on its own. In fact, only around 30% of the world’s silver comes from primary silver mines where silver is the main commodity being extracted. The remaining 70% is produced as a by-product of mining base metals like copper, lead, and zinc.

In ancient times, silver would be extracted by heating ore in stone furnaces. Today, however, it’s separated using a combination of mechanical and chemical processes. Two of the most common methods are:

• Electrolytic refining: When copper, lead, or zinc are being refined, silver often settles with other precious metals into a residue known as anode slime. This by-product is then treated with acid, fluxes, and heat to separate the metals. Silver is further purified through electrolysis in a nitrate solution to achieve a purity of over 99.9%.
• The Parkes process: This involves extracting silver from molten lead by adding zinc. The silver dissolves readily into the zinc to form a zinc-silver alloy that can then be further isolated and refined.

Silver is also sourced through recycling old jewellery, silverware, electronic components, and industrial products.

Who discovered silver?

There’s no single person or community that ‘discovered’ silver. It has been a part of human history for thousands of years and is one of the seven metals of antiquity, metals that were widely known and used long before the development of modern science. Besides silver, these metals include gold, copper, iron, mercury, lead, and tin.

Silver throughout history

The earliest evidence of silver use comes from ancient Mesopotamia around 4,000 BC. Artifacts like the Lyres of Ur, which dates back to 2,500 BC, show silver in decorative and ceremonial use, often with gold. These examples not only show us that ancient cultures valued silver, but also that they'd developed techniques to refine and shape it.

Silver was also used by the ancient Egyptians and Greeks. Archeological evidence suggests that silver mining began as early as 3,000 BC, with slag dumps in Asia Minor and the Aegean islands pointing to early smelting and refining practices.

Ancient Greece was especially known for silver mining, particularly in Laurium, a site south of Athens where mines operated from the 6th to the 2nd century BC. In fact, the silver extracted from Laurium funded the construction of the Parthenon and helped Athens grow into a powerful city-state.

The Romans expanded silver mining across their empire, and it formed the basis of monetary systems for centuries. In the 16th and 17th centuries, enormous amounts of silver flowed into Europe following Spain’s conquest of Central and South America, causing its value to fall and gold to overtake it as the standard for coinage.

Read More: What is Silver Stacking?

Where does silver come from?

Now that we’ve looked at silver’s unique properties, how it’s formed, and its role throughout history, let’s explore where it comes from today.

Silver production happens all over the world, although Mexico, Peru, and China have consistently ranked as the world's top silver producing countries. Other countries where silver is found include Chile, Poland, Australia, Bolivia, Russia, and the United States.

The American continent holds some of the richest silver reserves. Mexico alone is home to four of the ten largest silver-producing mines in the world, including Newmont's Penasquito mine, which produced 935.5 tonnes of silver in 2024. Peru and Bolivia are also significant suppliers, as are the United States and Canada.

In Europe, Poland is home to three of the world’s largest silver mines, including KGHM’s copper mine, which is one of the largest silver mines in the world. Australia is another major silver producing nation.

Besides the silver that comes from mines, a large portion of global supply comes from recycling, where silver is recovered from old jewellery, electronics, coins, and industrial products. According to the Silver Institute, recycled silver added 178 million ounces (approximately 5,071 tonnes) to the world’s supply in 2024. Comparatively, mining added 823 million ounces or about 23,331 tonnes.

How is silver used?

Silver is one of the most versatile precious metals, with applications spanning from jewellery to finance, medicine, industry, and technology. Today, commercial uses of silver make up about 77% of global demand.

Jewellery and silverware

Silver has been used in jewellery, coins, and decorative items for thousands of years, thanks to its brilliant shine, malleability, and antibacterial properties. Because pure silver is soft, most pieces are made from sterling silver, an alloy of 92.5% silver and 7.5% copper, which is tougher and more durable.

Read: The Fineness and Purity Of Silver Explained

Sterling silver is used in cutlery, trays, and decorative tableware, and some items are simply just plated with silver to achieve the same look more affordably. Some musical instruments, like high-quality flutes, are also made from (or plated with) silver.

Electronics

Silver is the best conductor of all the metals, and unlike many others, it doesn’t corrode in normal conditions. This makes it essential in electronics and electrical systems, where it’s used in contacts, switches, and fuses in various appliances, from dishwashers and washing machines to TVs, phones, and computers. Its high thermal conductivity also makes it useful in car defrosters, where silver-ceramic lines conduct heat to clear windows of frost.

Medicine and healthcare

Silver’s antimicrobial properties also make it valuable in medicine, where silver compounds are used in wound dressings, bandages, and creams to prevent infection and speed up healing. Silver ions are also used as antibacterial coatings in medical devices, such as catheters and breathing tubes, to reduce the risk of infection.

In dentistry, silver is used in amalgam fillings and in compounds like silver diamine fluoride, which helps prevent tooth decay. Silver nanoparticles are also used in medical research and technology for imaging and diagnostics.

Keep Reading: Why is Silver So Cheap?

Industrial uses

Silver’s high conductivity, reflectivity, and durability make it useful in a wide range of industrial processes, including:

• Brazing and soldering alloys to join metals
• Chemical equipment, like crucibles and seals that must endure high heat
• Catalysis, where silver helps speed up chemical reactions.

Nanosilver is also used as an antimicrobial agent in textiles and plastics, helping prevent bacteria and fungal growth.

Photography

Historically, silver was one of the most important materials in photography. Silver halides were the photosensitive compounds used in film and photographic paper, and each ounce of silver was capable of producing thousands of images.

Since digital cameras were invented, this demand for silver has largely diminished, but it’s still used in specialised photography (like X-rays and scientific imaging).

Solar and renewable energy

Silver is increasingly important in solar panels, where it’s used in photovoltaic (PV) cells to conduct electricity efficiently. With global demand for renewable energy growing, solar power has become one of the fastest-growing drivers of silver consumption.

Investment and finance

Even though silver is no longer used as a form of currency, it’s still a popular investment asset in the form of silver bars and silver coins. Unlike gold, central banks no longer hold large silver reserves, but demand for the metal amongst private and institutional investors remains strong, with silver seen as a hedge against inflation and a more affordable alternative to gold.

See: Why Central Banks Buy Gold

Invest in silver today

With its numerous applications and history as a trusted store of value, silver offers many of the same benefits as gold but at a lower price point. If you’d like to invest in this precious metal, you’re in the right place.

At StoneX Bullion, we offer a wide range of investment-grade silver bullion bars and silver coins from some of the world’s most respected mints and refineries. Explore our collection and start growing your portfolio of physical silver today.