Though silver is one of the precious metals, it is also used as a raw material in various industrial processes.
The world is now getting introduced to various industrial uses of silver every other day. Due to the newly found industrial processes, gadgets or appliances that require silver as a raw material make the demand for silver go higher and hence the prices.
Industrial processes or appliances such as solar panels, batteries of cell phones, laptops require silver as a raw material. Such technologies that have a strong future make silver more important and needed than ever. In addition to the large scale industries that require silver, our day-to-day life also needs silver as our refrigerators, washing machines, air conditioners, and water purifiers use silver as a sanitiser. According to the experts of the silver industry, more and more industries such as hospitals and big organizations are now switching to silver-based filtration systems rather than using chlorine.
Silver’s usage in industrial processes makes this shiny metal more attractive and beneficial investment during a weak global economy when most of the other investment options show minimal monetary benefits.
To summarize, the known fact that silver is a precious metal and the newly found industrial processes today have made silver a better and safer haven for investments. Hence, demand for silver has increased like never before and similarly, the silver prices!