Silver is a precious metal rarer than gold in its pure form. Approximately 70% of silver production is a byproduct of copper, lead, and zinc extraction. Due to silver ore often being intertwined with lead ore, only about 20,000 tonnes of silver are mined annually.
Silver’s history dates back to the 5th millennium BC. Early civilisations, including the Egyptians who called it “lunar metal,” utilised readily available surface silver. By the 6th century BC, the Greeks introduced silver coins, establishing silver’s significant role in economics and politics. Silver held greater importance than gold until the 20th century.
Silver’s versatility spans numerous industries. From jewellery and cutlery to electrical engineering and photography, its applications are diverse. Silver’s antibacterial and antimicrobial properties make it essential in food technology and pharmaceuticals.
The demand for silver consistently outpaces supply, leading to a steady price increase in recent years. This demand coupled with diminishing silver reserves contributes to the metal’s rising value.
Mexico, Peru, and Australia are the leading silver producers, followed by China, Poland, Russia, Canada, and the USA. Major silver trading hubs include the New York Mercantile Exchange (COMEX), the Tokyo Commodity Exchange, the Chicago Board of Trade, and the London Bullion Market. The total value of silver traded on these exchanges is estimated at around $17 million USD.