Silver production in Kazakhstan has been declining for the fifth consecutive year. For example, 697.5 tons of refined silver were produced from January to December 2024, the lowest level since 2012. Over the course of the year, production has decreased by 21.2%.
From January to November 2025, the country produced 567.5 tons of refined silver, an 11.1% decrease compared to the same period in 2024.
Silver exports decreased by 9%, amounting to 516.8 tons from January to October 2025. However, in value terms, export volume increased by 19.3%, to $581.1 million. Just four countries accounted for over 96% of silver exports, with the lion’s share going to the UK (242.4 tons) and the US (155.4 tons).
The average export price of one troy ounce of silver increased from $26.7 in January-October 2024 to $35 in the same period of 2025. In October 2025, the average silver price increased to $44.7 per troy ounce.
In the second half of last year, the price of silver rose rapidly. While its price was $31.3 per troy ounce at the beginning of 2025, it reached $72.8 as of the beginning of this year, an increase of 2.3 times. For comparison, the price of silver in 2025, compared to 2016, has increased 2.2-fold over nine years.
Furthermore, as of January 12, silver had already risen by 17.8%, to $85.7.
The rise in silver prices is occurring against the backdrop of a record rise in gold, which this year surpassed the historic mark of $4,600 per troy ounce, setting another new record.
The gold-silver ratio (that is, the number of troy ounces of silver needed to purchase one troy ounce of gold) fell from 89.3 at the beginning of 2025 to 60.3 at the beginning of this year, and by January 12, 2026, it had fallen to 53.7. For reference, historically, the ratio fluctuated between 10 and 15 for many years, and by the early 2000s, it had risen to 50-60 troy ounces of silver per troy ounce of gold. It reached its peak – 125 troy ounces of silver per troy ounce of gold – during the coronavirus pandemic in 2020, amid rising gold prices due to market panic. The following year, the gold-silver ratio fluctuated between 65 and 79.2, but as of 2022, due to geopolitical tensions following Russia’s invasion of Ukraine, demand for gold as a safe haven asset had risen to 100.
In the second half of 2025, silver entered a phase of outperformance relative to gold. This led to a significant decline in the gold-silver ratio, which is historically typical of periods of economic recovery and increased industrial demand.
Unlike gold, which maintains its status as a safe haven, silver in the current cycle is acting as a hybrid instrument – both an investment and an industrial metal. This dual nature makes it more sensitive to shifts in macroeconomic expectations and strengthens its price dynamics in an environment of reduced uncertainty.
Global silver production is also declining amid growing industrial demand for the metal – particularly in green technologies – and renewed investor interest. According to the U.S. Geological Survey, global silver production is expected to reach approximately 25,000 tons in 2024, a 6% decrease from 2023. Mexico leads the way with 6,300 tons, followed by China and Peru with 3,300 and 3,100 tons, respectively.
According to the agency, Kazakhstan produced 1,000 tons of silver in 2024, placing it among the top 10 largest silver-producing countries. (EnergyProm)