Silver, often called “poor man’s gold,” has been given a bad rap in the past. But this noble metal offers much more than just investment and jewelry pieces- you’ll be surprised!
Silver has been a precious metal for thousands of years. In fact, it is one of the most essential elements on our planet and plays an integral role in modern-day society as well. Silver has incredible properties that make it useful for electrical uses, and this is why silver plays an important role in our technology-based world. We’ll look at where and how so many different technologies use silver!
Usage of Silver
Silver is a precious metal with many applications. Silver has the highest electrical conductivity, thermal conductivity, and reflectiveness of any other metal making it useful in countless ways!
Over 10,000 industrial applications make silver a versatile resource. Silver is used in everything from microchips to microwaves and more!
Electronics – Silver is a key component of electrical switches that power your electronics and can be found in high-end electronic devices, printed circuits for TVs/computers, and audio/video components.
Medicines – Silver is an antimicrobial substance and widely used in the medical field for coating surgical equipment. This use can be traced to ancient times, when silver was used as a tool against bacteria on wounds by Hippocrates of Kos (460 BC–377 BC). And today millions of people have silver fillings in their teeth.
Solar Energy – The growing solar energy industry is driving demand for silver, which is used in the photo-voltaic cells of the panels that capture light. This projected increase has already occurred, as evidenced by a 76% rise in 2017 from 2016 alone.
Reflective objects – Mirrors have been around since the mid-1300s BC. They are used for social gatherings, as well as personal grooming and hygiene practices to avoid germs from spreading! In space telescopes, silver is a perfect metal because it reflects light without absorbing any of its energy – giving us clear views into far out galaxies that can’t be seen with human eyes alone.
Apart from the listed above there a few more uses like dental filling, musical instruments, cloud seeding etc.
The Value of Silver
According to the World Gold Council, there is approximately 17x more silver in the world than gold. Silver’s supply can be limited by how much of it is recycled compared with mined sources and because 70% of its production comes from copper, lead or zinc mining. This means global production affects silver prices as well too!
Silver is extremely susceptible to market conditions. This means that silver prices will fluctuate due to changes in business activity and manufacturing industry practices, both of which affect the demand for new products made with silver components like jewelry or electronic devices.
Traders have to consider different aspects when trading silver compared with gold. Silver is unlike gold in many ways, but this uniqueness makes it an interesting metal for investors/traders.
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