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Silver is traditionally considered a store of wealth. People invest in silver in via bullions, coins or through accumulation plans, similar to dollar-cost averaging, where the investor makes purchases in a staggered manner.
Silver is one of the best conductors of electricity among metals. It also has unmatched thermal conductivity and possesses high optical reflectivity. These properties make it ideal for soldering electronic circuits and fabricating solar panels. Most of the silver demand, nearly 50%, comes from the industrial sector.
The auto industry consumes nearly 55Moz of silver every year in making electric connections in vehicles, including in electric vehicles.
Silver has been mined for thousands of years. The first evidence of silver dates to 3,000 BC when silver was successfully separated from lead. In ancient times, silver was primarily used for trade, silverware and jewellery, which continues to the modern era too.
The demand for silver is met through mining the metal, followed by recycling. It is mined from galena, a lead ore that contains large amounts of silver. Silver is also extracted during copper and gold mining.
Mexico, China, Peru and Australia are some of the top silver mining countries. Industrias Penoles SAB de CV (Mexico), KGHM Polska Miedz SA (Poland), Glencore Plc (Switzerland), Newmont Corp (USA) and Polymetal International Plc (Cyprus) are among the top global silver-producing companies.
The demand for silver has been on an upward trajectory. Almost half of the demand stems from the industrial sector. The push towards green energy has also had a positive impact on the demand as silver is used in making solar panels. Jewellery, silverware and bullions also contribute to the silver demand.
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