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Did you know that silver has more patents than any other metal?
This is because silver is highly malleable and ductile, one of the best electrical conductors and the most reflective metal. Consequently, about 54% of the annual global silver fabrication is used for industrial applications.
However, silver is even scarcer than gold. In 2006, the above-ground supply of silver was 5 times lesser than gold. Also, about 80% of mined silver is gathered as a by-product of other metals.
The metal’s sheer usefulness has resulted in large-scale silver trading the world over. Since 1990, the demand for silver is increased at a faster pace than supply. While investment demand has risen lately, industrial demand is the highest for the metal.
Silver is considered both an industrial metal and a precious metal. The sharp rally in gold for last few years has also fuelled rally in silver commodity price which has increased from near $10/oz in 2005 to almost $50/oz this year.