Five countries, India, China, the USA, Germany, and Canada, from 2010 to 2019 purchased 2,004 million ounces of silver in coin or bar form for investment purposes. These were the top silver purchasing countries of the world and the United States represented almost half of the total amount purchased at 929 million ounces over the same time period. Following Americans in their silver purchases over the 2010 to 2019 time period were Indians with 615 million ounces, Germany with 265 million ounces, China with 139 million ounces and Canada at 56 million ounces.
There are a lot of historical, economic, and cultural curiosities in these numbers to consider. First, all of these countries represent large economic engines where their citizens have excess wealth which allows them to purchase precious metals like silver. There is a very clear reason why poorer countries are not on this list. China purchases a surprisingly small amount of silver compared to say India considering its enormous population and considering its historic affinity for silver, but this is likely due at least partially to their preference for gold. Indians have long used silver as a store of wealth and in jewelry so their purchase amounts are not surprising. Indian cultural and religious customs make gift giving a very important event, especially when it comes to weddings, and silver is a popular gift in India as it is considered to bring good luck.
No student of history should be particularly surprised that the Germans have an affinity for hard money through silver. The hyperinflation that Germany experienced during the Weimar Republic left a historic and cultural imprint in Germany that was not quickly forgotten. To those who may not be aware, many studies of the Weimar Republic’s hyperinflation and how precious metals performed indicate that those who had savings in precious metals were able to get ahead of the inflation as precious metals purchasing power increased more rapidly than the hyperinflation. The Germans no doubt buy silver to protect themselves from this ever occurring again and as many of them, much like Americans, remember a time when their coinage and monetary system was based on precious metals and not the fiat that the Deutsche Mark was and now the Euro is. While Canada’s purchases are relatively small, recall that Canada’s population is slightly less than California’s at 38 million compared to the United State’s 330+ million (or who knows since we effectively have open borders now). The Royal Canadian Mint produced almost 26 million ounces of silver coins in 2019 but only 5 million ounces were purchased by Canadians.
It should surprise no knowledgeable American Patriot that the USA is the world’s largest silver purchaser. In 2019 alone American Patriots purchased 48.2 million ounces of silver. The United States was founded on principles of Liberty and Freedom and despite the concerted attempts of elites to circumvent and remove these rights, no time more stark than the present, Americans hold firm to these principles and will continue to fight for them. Free, hard money that precious metals represent were enshrined in parts of our Constitution and were intentionally and thoughtfully utilized by the Treasury in minting money until nefarious and criminal forces by way of the central banks sought to undermine this and insert their fiat currency into the monetary system. The large demand for silver as a store of wealth indicates that no matter what the corrupt, unethical, immoral, and criminal Federal Reserve Bank and all its tentacles have thrown at silver (and gold) money over the decades and centuries to discredit and delegalize their importance, the People of the United States still intrinsically hold on to the knowledge of what real money is and they make their preferences known by trading worthless fiat for silver (and gold) in the largest proportions in the world.
Source: Silver Institute’s 2020 Silver Survey