The Silver
market is not trending as expected but surely it's not in the doldrums
either. The silver prices are hovering around a rather steep range of
$32-36 a ounce to $50 a ounce. But according to experts, the demand for
silver will continue to grow as industries ask for added ounce of the
metal for medicinal and industrial usage.
Experts estimate that more than half of the demand for silver comes
from industries who love the metal for its unique qualities as a good
conductor of electricity, good transfer agent, a good reflector of light
and also a brilliant lubricant and flexible catalyst and alloy. The
traditional silver market is not going great guns but yet the industrial
demand is keeping the silver usage market firmly grounded.
Industrial uses
One of the major requests for
silver comes from the solar industry where its use in solar panels is
seeing an expansive growth. With the Japanese nuclear disaster still
afresh in everybody's minds, people are realizing the scope and
environmental safety renewable energy sources offer. The future of
silver demand in the solar market reflect in the figures itself which
has increased from 2 million ounces to about 50 million ounces in 2010.
In fact this year the demand is expect to reach the pinnacle of 70
million ounces, a 40% increase. This is because China and India are
planning to expand their solar industry to 20 gigawatts and 30 gigawatts
respective by 2020. The US plans to tread the same path as China as it
charts to expand solar capacity to 30 gigawatts by 2020. Experts feel
solar usage could reach 130 million ounces per year around 2014 and
continue through 2020. In 2010, production of Silver was 750 million ounces.
Medicinal uses
The medicinal uses of silver will
never end to exist as silver based bandages, artificial pacemakers,
anti-bacterial and anti-microbial clothing all are dependent on the
precious metal. It's also used in sportswear to lessen body odour, in
food packaging and in cloth of medical faculty.
To conclude, it is interesting to note the silver price volatility as
it fluctuates depending on the global developments. The silver spot
price chart is the key to the theory of one world economy where every
country's economy is affected by another's and is interlinked. Currently
the prices on silver are surging as debt concerns in the US and Europe
keeps the worries tab up ~Kyles Humphreys~
