Both technological and industrial application for silver accounts for roughly half of the yearly demand, prompted by the ductility, malleability and strength of this metal.
Back in 2018, the demand for physical silver has grown to about 4 percent since 2017.
Despite the fact that it has faced drop in consumption of both silver bars and coins, 2018 is a great year in silver bullion coins. The market’s consumption and demand for silver jewelry and in the industrial sector really pushed it up.
Let me give you a glimpse on how much was consumed by each sector for the year 2018.
Out of all metals known to man, silver is the best candidate for thermal and electrical conductor. As a result, its supply is widely used in various electrical applications especially in contacts, fuses, switches and conductors. Believe it or not, in this sector alone, it consumed 578.6 million ounces of silver.
More often than not, people think of jewelry whenever silver demand is talked about. Silver is lustrous but resilient and this metal is responding wonderfully to sculpting. At the same time, it calls for minimal maintenance. Still, it can last a lifetime. As a result, this industry has used more or less 200 million ounces of silver.