Evaluating the reports of 5 years, it’s expected that the prices on silver will increase up to 300 percent. 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 a new record. Once upon a time, China was a record exporter of silver, but it has now 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 the country’s large part of silver is mainly used by the manufacturing sectors.
In 2012, Chinese silver mining has witnessed a significant growth and development because of technological strides in exploration as well huge growth in the production. This has proved to be great for the country because it has brought a wide scope in the indigenous market.
The white metal is being used for manufacturing of 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 the production of 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 as well as witnessed a notable growth in 5 years. In 2011, the demand for silver soared because of increasing demand for the white metal in industrial sectors as well in the domestic market, especially the jewellery industry.
One big reason for increasing demand for silver is its valuable importance as a storage metal.