What are precious metals? Precious metals are rare natural metals that have a high value. The metals that are considered to be precious are gold, silver, platinum, and palladium (which is in the same group as platinum). They typically have a high value due to their rarity and uses in jewelry, art, and coins. But do you know which countries produce the most of these precious metals?
The research team at Madison Trust examined data from the United States Geological Survey (USGS) from 2021 to see which countries around the world produce the most precious metals.
Countries That Produce the Most Precious Metals
According to the USGS, these are the countries that produce the most gold:
- China: 370 metric tons
- Australia: 330 metric tons
- Russia: 300 metric tons
- United States: 180 metric tons
- Canada: 170 metric tons
China is the world’s largest producer of gold, at 370 metric tons (each ton is equal to 1,000 kilograms or about 2,204 pounds). The country is home to many large gold mines, including the Shaxi Copper Mine in Anhui and the Dayingezhuang Gold Mine in Shandong. Gold is most famously known for being used in jewelry creation, but it also has uses in electronic components and even in spacecraft. The following are the countries that produce the most silver, which is one of the [most valuable metals] in the world:
- Mexico: 5,600 metric tons
- China: 3,400 metric tons
- Peru: 3,000 metric tons
- Chile: 1,600 metric tons
- Australia: 1,300 metric tons
- Poland: 1,300 metric tons
- Russia: 1,300 metric tons
Mexico is the world’s largest producer of silver. The Peñasquito Polymetallic Mine is the second-largest mine in the world and consists of two open mines that produce gold, lead, and zinc in addition to silver. The largest silver mine in the world is the KGHM mining hub in Poland. Poland ranks fifth on the list of countries that produce the most silver. In addition to jewelry, silver is also used for tableware, dental alloys, and batteries.
These are the countries that produce the most platinum around the world:
- South Africa: 130,000 metric tons
- Russia: 19,000 metric tons
- Zimbabwe: 15,000 metric tons
- Canada: 6,000 metric tons
- United States: 4,200 metric tons
South Africa is the leading producer of platinum in the world, at 130,000 metric tons. That’s more than the next four leading producers combined! The largest platinum mine in the world is the Impala Mine located in the North West province in South Africa. Platinum is commonly used for making jewelry and catalytic converters for vehicles.
The following are the countries that produce the most palladium:
- South Africa: 80,000 metric tons
- Russia: 74,000 metric tons
- Canada: 17,000 metric tons
- United States: 14,000 metric tons
- Zimbabwe: 13,000 metric tons
In addition to platinum, South Africa is also the world’s leading producer of palladium, at 80,000 metric tons. Palladium is a precious metal that is considered to be one of the platinum group metals. Palladium has a similar chemical makeup to platinum and is often used in electronics, medicine, dentistry, and groundwater treatment.
List of Precious Metals by Value
What is the most expensive precious metal? As of June 1, 2023, these are the prices of the precious metals included in the graphic, making them some of the most valuable metals:
- Gold: $1,982.00/troy ounce
- Palladium: 1,417.00/troy ounce
- Platinum: $1,010.00/troy ounce
- Silver: $23.80/troy ounce
A troy ounce is a unit of measurement commonly used for precious metals. One troy ounce is equal to 1.09714 ounces. The troy ounce dates back to the Middle Ages. It is believed that the name comes from the town of Troyes in France. Troyes was one of the largest business centers in Europe and was a hub for many of the major roads at the time, including the Via Agrippa.
Thinking of investing in precious metals like gold, silver, platinum, and palladium? Many people who are interesting in investing in precious metals do so with a self-directed IRA.
The Countries That Produce the Most Gold, Silver, Platinum, and Palladium
Gold
|
Country |
Metric Tons (2021) |
|
Other Countries |
570 |
|
China |
370 |
|
Australia |
330 |
|
Russia |
300 |
|
United States |
180 |
|
Canada |
170 |
|
Ghana |
130 |
|
Mexico |
100 |
|
South Africa |
100 |
|
Uzbekistan |
100 |
|
Indonesia |
90 |
|
Peru |
90 |
|
Sudan |
90 |
|
Brazil |
80 |
|
Argentina |
60 |
|
Burkina Faso |
60 |
|
Kazakhstan |
60 |
|
Colombia |
50 |
|
Papua New Guinea |
50 |
|
Tanzania |
50 |
Silver
|
Country |
Metric Tons (2021) |
|
Mexico |
5,600 |
|
China |
3,400 |
|
Other Countries |
3,100 |
|
Peru |
3,000 |
|
Chile |
1,600 |
|
Australia |
1,300 |
|
Poland |
1,300 |
|
Russia |
1,300 |
|
United States |
1,000 |
|
Bolivia |
1,000 |
|
Argentina |
800 |
|
Kazakhstan |
450 |
Platinum
|
Country |
Metric Tons (2021) |
|
South Africa |
130,000 |
|
Russia |
19,000 |
|
Zimbabwe |
15,000 |
|
Canada |
6,000 |
|
Other Countries |
4,300 |
|
United States |
4,200 |
Palladium
|
Country |
Metric Tons (2021) |
|
South Africa |
80,000 |
|
Russia |
74,000 |
|
Canada |
17,000 |
|
United |
14,000 |
|
Zimbabwe |
13,000 |
|
Other Countries |
2,800 |
Total Precious Metal Production
|
Country |
Palladium |
Platinum |
Silver |
Gold |
Total Metric Tons |
|
South Africa |
80,000 |
130,000 |
|
100 |
210,100 |
|
Russia |
74,000 |
19,000 |
1,300 |
300 |
94,600 |
|
Zimbabwe |
13,000 |
15,000 |
|
|
28,000 |
|
Canada |
17,000 |
6,000 |
|
170 |
23,170 |
|
United States |
14,000 |
4,200 |
1,000 |
180 |
19,380 |
|
Other Countries |
2,800 |
4,300 |
3,100 |
570 |
10,770 |
|
Mexico |
|
|
5,600 |
100 |
5,700 |
|
China |
|
|
3,400 |
370 |
3,770 |
|
Peru |
|
|
3,000 |
90 |
3,090 |
|
Australia |
|
|
1,300 |
330 |
1,630 |
|
Chile |
|
|
1,600 |
|
1,600 |
|
Poland |
|
|
1,300 |
|
1,300 |
|
Bolivia |
|
|
1,000 |
|
1,000 |
|
Argentina |
|
|
800 |
60 |
860 |
|
Kazakhstan |
|
|
450 |
|
450 |
|
Ghana |
|
|
|
130 |
130 |
|
Uzbekistan |
|
|
|
100 |
100 |
|
Indonesia |
|
|
|
90 |
90 |
|
Sudan |
|
|
|
90 |
90 |
|
Brazil |
|
|
|
80 |
80 |
|
Burkina Faso |
|
|
|
60 |
60 |
|
Kazakhstan |
|
|
|
60 |
60 |
|
Colombia |
|
|
|
50 |
50 |
|
Papua New Guinea |
|
|
|
50 |
50 |
|
Tanzania |
|
|
|
50 |
50 |
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