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Where is All the Silver in the World Going?

Silver coins have been in usage in this world for a very long time. They were used as part of the monetary system and were considered precious all the time. Silver was always considered along with gold as a precious metal and even today in the present-day market silver has a very high demand.

silver coinsThough gold is also used as bars in bullion its usage for other purposes is scarce and silver has become a necessity in many industries now. This is the reason why silver deposits are depleting very rapidly. A current estimate is that if we usage the silver at the current pace the stocks will last only for next two decades or even less. Here is a brief list of various places where silver is being used:

• Like mentioned earlier, silver is extensively used as alternative form of currency. This is usually referred to as bullion and silver is made into bars, coins and rounds for the sake of this. Silver bullion has now become one of the most reliable form of investment in this world of uncertain economics.

• The second most common way silver is used in the world is for silver jewelry and silverware. Jewelry is an integral part of everyday life in the eastern world and silver has a special importance for that. Silverware has become a symbol of richness and it has been very popular even from the days of kings. Silverware was used for dining and for making statues etc.

• With advancements in technology, Silver has become a part of medicine too. Silver in combination with other metals is used in the field of dentistry for filling dental cavities. This is because of the unique feature of its quick melting point and early hardening.

• Photography is another major industry that used a considerable amount of silver in the past decade. This usage has now come down majorly due to the digitalization of cameras.

• The surge of electronics and gadgets in today’s world is taking a considerable amount of silver every minute. Silver is used in electric circuits, silver contacts, keyboards, paints, audio ware, hearing aids, batteries , etc.

• Mirrors are another major everyday thing that uses silver in its making. The process called silvering will make a glass behave like a mirror. This usage is coming down now because of alternative use of aluminium.

• Silver is used in bandages as it can act as antimicrobial. Silver creams are used as antibacterial and antibacterial medicine. It is also used in catheters to prevent bacteriuria. It has a wide range of application in homeopathic medicine too.

• Silver polymers are now used in clothes by integrating it with the yarn to keep them odor free and bacteria free.

Therefore, it’s easily understood that all the reserves of silver in the world are going to be sought after because of all the usage mentioned above. With this increase in demand, so will the rise in price. Therefore, it’s definitely a wise choice to invest in silver mining today.