Silver increased 260% in one year and became one of the most profitable investments of the last time, in the middle of a boom of metals as a safe haven of value (gold, par excellence) as a consequence of growing global uncertainty due to the possible loss of independence of the United States Federal Reserve, the disputes over Greenland and the tension in Iran.
In that context, Silver climbed to a record $117 per ounce this weekto fall to US$ 112 at the close of this edition, with an increase of 40% so far this year. Meanwhile, gold exceeded US$5,200, with a rise of 14% in 2026, which has a positive impact on the reserves of the Central Bank (BCRA).
The rise in these prices led Argentina to have a nominal record of exports in mining last year, and now lithium has woken up. According to data from the Ministry of Mining, foreign sales reached 6,037 million dollars, with a year-on-year increase of 29.2%. Of that total, silver contributed US$777 million, or 13%.
The record is more related to international prices than to the quantities exported, although precisely the improvement in values can reactivate projects that were heading towards the closure of the mines – as is the case of Gualcamayo, which entered the Large Investment Incentive Regime (RIGI) for US$ 665 million – or awaken others from lethargy.
In Argentina, The Christmas mega project sleeps in the depths of Chubut, rejected by the population of the province. With reserves of 452 million ounces of silver and 6.3 million ounces of gold, the Canadian Pan American Silver was never able to overcome social resistance, despite the promise of investments for US$ 760 million.
With a production forecast of about 16 million ounces of silver per year, at current prices exports would exceed US$1.6 billion annually.
Navidad was put aside by Pan American Silver in mid-2022, at the end of the pandemic and in a context where the RIGI did not exist, resistance to mining was greater and international prices were six times lower than the current ones.
Silver is, along with lithium, one of the two minerals that is still subject to export duties (withholdings)with a rate of 4.5%. And the Argentine Chamber of Mining Companies (CAEM) insists on the need to promote exploration to sustain production; By 2026, the entire mining complex is expected to have investments of US$596 million, just above the US$540 million of the previous year.
“Argentina has historically been a relevant producer worldwide, traditionally occupying 10th place. However, the lack of incentives and the context of lack of clear rules in recent years have harmed the sector, losing momentum in exploration and investments,” said its owner, Roberto Cacciola.
And he added: “The consequences of this situation are currently visible, with the persistent decline in production levels since 2019, as a result of the natural aging of the active deposits.”
Meanwhile, the price of lithium also rose by more than 40% and jumped to $24,000 per ton, which makes the projects in operation in Argentina (Fénix, Cauchari, Olaroz and Centenario – Ratones, in Catamarca, Jujuy and Salta) more profitable and generates greater interest in accelerating the start-up of others that had tight numbers when lithium was trading at US$8,000, just a year ago.
