Silver has long been considered gold’s poorer cousin. But while gold may have a high value, silver has the highest electrical and thermal conductivity of any metal in the world. This makes silver literally irreplaceable. Silver is a precious metal that is used for everything from jewelry, to pharmaceutical purposes, to television screens. We use silver for many products, and we use a lot of it.
Each year more silver is used than is mined from the ground. And because 95% of the silver bought is used for industrial purposes, it is too difficult and expensive to be recycled. Meaning that once silver is used, it’s gone for good. In factScientific American has predicted that all the silver in the world will be used up by 2029. That’s only 16 years from now! As you can imagine, this will most definitely lead to an increase in the demand and price of silver.
Already silver investments are gaining popularity. This past January 7.5 million ounces of silver coins were sold. Later that same month the US MInt was forced to halt sales of the 1-ounce American Eagle silver coins because they sold out of their entire inventory in just two weeks! If ever there were a time to invest in silver, it would be now while current prices remain low. The future is quickly approaching and so is the bottom of the world’s silver stores. When word gets out that silver is now a rare precious metal, it will no longer be gold’s poorer cousin.