Another popular precious metal that is considered along with gold is silver. The demand for silver is in various sectors. We know that silver is used as jewelry, besides coin making and silver is used in electronics. Increasing technological developments are also affecting silver prices, and can also use silver in it. Some of the properties of silver lead to its use in electronics, which are discussed below.
Silver has high conductivity which makes silver popular in electronics. Silver is considered to be the most electrically conductive of all metals in our universe. This precious metal surpasses gold in conductivity and amazes us with its conductivity. Since silver is a rust-resistant metal, it does not tarnish.
We can consider silver as a godsend for nanotechnology. A circuit uses conductors that can conduct electricity at high rates and reduce power dissipation, and one such surprisingly good conductor is silver. The size and shape of the nano particles can be given very nicely by silver.
In the current era, the demand for electric cars is increasing. Silver is also used in this case. Silver is used in electric car batteries because of its high conductivity. A silver car battery does not overheat while transporting electricity which keeps the battery safe
You will be surprised to know that car manufacturers use 55 million ounces of silver annually. This is a huge demand. Its current market value is around $12.19 billion. Now see this is a huge demand which can control the price of silver
Silver has been used for health purposes since ancient times. Silver has antibiotic properties so it is widely used in health. Silver can purify water. Silver is also used to treat wounds. Besides, silver is used in modern medicine.
Silver is needed to make modern medical devices. Silver is used to replace bone and teeth. Silver reacts less harmfully with the human body so it can be used for some diseases. Silver to repair human body cells. This amazing silver can also be antifungal. I have probably seen one dip and eat silver water before. I thought it was blind faith. But this quality of silver surprises us.
The consumption of silver in electrical and electronics is the highest at 330 ounces per year. The market price of which I calculated as $23 per ounce is $7590000000. Now consider the demand for silver in this sector. You will also be surprised to know that electrical and electronics have the highest demand for gold. Besides, silver is in demand in photography. Hence the value of silver is going to increase and it will keep itself expensive with age.
References :
https://getjerry.com/questions/is-silver-used-in-electric-car-batteries
https://www.intechopen.com/chapters/60328
https://energyeducation.ca/encyclopedia/Silver
https://pubmed.ncbi.nlm.nih.gov/16766878/
https://www.statista.com/statistics/253345/global-silver-demand-by-purpose/