Evaluating the reports of 5 years, it’s expected that the silver prices will increase up to 300 %. According to the latest report, silver prices are assumed to be jumping at 33.75 an ounce.
In 2011, India and China’s net imports climbed to a new record. Once upon a time, China was a record exporter of silver. Still, it has become a major silver importer where up to 70% of China’s silver requirements are because of industrial sectors.
China is the third leading producer of mined silver in the world. It is a key consumer of the precious metal as its large part of silver is mainly used by the manufacturing sectors.
In 2012, Chinese silver mining witnessed significant growth and development because of technological strides in exploration and huge production growth. This has proved to be great for the country because it has brought a wide scope into the indigenous market.
The white metal is being used to manufacture home electronics and electrical appliances, which use several kinds of silver-based solders. Demand for silver is increasing in China, especially in industrial and jewellery areas.
Up to 70% of China’s industrial uses include solar batteries, water purification systems, cell phones, circuit boards, plasma TVs and radio frequency identification devices.
China has emerged as the top consumer of silver in the world and witnessed a notable growth in 5 years. In 2011, the demand for silver soared because of the increasing demand for white metal in industrial sectors and the domestic market, especially the jewellery industry.
One big reason for the rising demand for silver is its valuable importance as a storage metal.