And then there’s Mexico, which takes the cake as the world’s largest producer of silver.
Data collected by GSC Commodity Intelligence shows that Mexico accounts for nearly 25% of the world’s total silver production, producing approximately 6,400 tons annually.
The possibility of gold and silver getting caught in Trump’s tariffs has caused both precious metals to soar – with gold prices hitting their all-time high of $2,790 per ounce and silver prices returning to $31 per ounce.
The price of gold hit consecutive all-time highs in 2024 – not once, not twice, but on 39 different occasions.
The big question now is:
Will Trump’s tariffs push gold prices to new all-time highs in 2025?
Only time will tell, but one thing we know for sure: during Trump’s previous presidency, gold prices experienced exponential growth. When Trump took office in January 2017, gold was trading around $1,200 an ounce. By the end of its term in January 2021, Gold was trading at a high of $1,957 per ounce.
Whichever way you look at it, one thing is clear. In this new Trump 2.0 era of global macroeconomic uncertainty, “volatility is the new normal” and it certainly won’t take much for gold prices to reach new all-time highs in the coming weeks and months.