Silver prices are now at their highest level in three years, attracting the attention of investors. The cost of buying the metal has been fluctuating around USD 28 per ounce in recent days. According to Adam Stroniawski, Managing Director of Sales at Mennica Skarbowa, we are likely to see a globally increased demand for silver in the coming months, which will affect the price and availability of bullion. This assumption is confirmed by a report published by the Silver Institute, which forecasts that global silver demand will reach 1.2 billion ounces this year. If these estimates are confirmed, this would represent the second highest result in history.

Nowadays, the cost of buying an ounce of the metal is around USD 28, but it could rise significantly in the coming months. The reason? – Micro and macroeconomic factors. The price of silver is set to rise in the coming months due to its widespread use in industry (e.g. renewable energy, electronics or medicine), jewellery and because of silver’s increasing popularity as an investment product. Other experts are also pointing to a possible rally in the price of silver in the coming months, e.g. the London Stock Exchange Group notes that the price of USD 30 per ounce, which has not been seen for more than 10 years, could be reached this year.

At Mennica Skarbowa, we are noticing increased interest among clients looking for silver products that are suitable for them. It is worth emphasizing that this is a commodity that can bring a much faster and much higher rate of return in the long term. Small-weight coins are of particular interest. They are attractive to buyers, primarily because of the price (about PLN 140), which allows basically everyone to afford such a purchase – notes Adam Stroniawski, Managing Director of Sales at Mennica Skarbowa.

Will Poland become a silver mining tycoon?

According to media reports, Poland has significant silver deposits. In 2022, the Polish Geological Survey reported that the balance resources of these metal deposits in Poland amounted to approximately 166,000 tons. Meanwhile, the latest data made available by the United States Geological Survey (USGS) in its “Mineral Commodity Summaries 2024” report indicates that silver reserves in our country are estimated at 63,000 tons, placing Poland fifth on the world list of holders of this commodity. Larger silver deposits are only found in: Peru, Australia, Russia and China.

Poland has the potential to become a silver mining tycoon. In 2023, 1,300 tons of silver were mined in our country, which ranked Poland fifth in the world. The raw material resources we possess provide us with a unique opportunity to strengthen our position on the global raw materials market. However, in order to achieve this goal, it will be necessary to invest appropriately in infrastructure and modern mining technologies – notes Adam Stroniawski, Managing Director of Sales at Mennica Skarbowa and adds: When analyzing the possibility of silver mining in Poland, it should also be emphasized that the process is not an easy one. An appropriate technical infrastructure, mines, open pit and deep-sea technologies are needed. There is also a need to prepare properly for this. We have the treasure, but we need to get to it, mine it and clean it. This will certainly take some time because these are very fragmented, deconcentrated deposits. Silver nuggets are mined in many stages. It is a very time-consuming process, it could even be said to be almost exploratory at times.

In Poland, silver is mainly mined at the Lubin, Polkowice and Głogów mines, where it is extracted as a by-product along with copper.