I'd need more specific information to give you an accurate answer about which country's silver market is experiencing significant losses. Here are the key factors I'd consider:

**Switzerland** - Limited silver production; primarily a financial/banking hub for commodities trading

**Germany** - Significant industrial silver demand (electronics, solar), but not a major producer

**USA** - Large silver producer and consumer; substantial futures market activity on COMEX

Without knowing:
- Whether you're referring to physical silver holdings or derivatives/futures positions
- The specific timeframe
- Current market data or news

I can't definitively say who's taking losses. If you have recent news or market data showing a particular position, I'd be happy to help analyze it.

Are you seeing this in futures markets, ETF data, or central bank holdings?