Silver prices have gone through the roof recently, and there are several reasons for this. Traditionally, whenever paper currency values plummet, investors turn to precious metals like silver. At the moment, the Euro is unstable and the US dollar is not fairing much better. Actually, right now, the world economy is finely balanced.
In this type of situation, investors look for a safe place to put their cash, and silver is the obvious solution. Certainly, for the smaller investor, silver is the most feasible option. The expensive price of gold puts it out of reach of the average American. However, a few silver ounces are affordable for the majority of people.
Industrial and Medical Uses
The above picture is not the whole story. Silver is also an important industrial asset that is in short supply. These days, silver is needed to make many different types of medication and products.
Silver has several distinctive physical characteristics, including electrical conductivity, ductility, reflectivity and malleability. For industrial and medical purposes, the demand for this metal continues to rise, because it is used in soldering and brazing, injury bandages, mobile phone covers (to stop germs from spreading) and catalytic converters. Also, silver is used to manufacture the small aerials for RFIDs (Radio Frequency Identification Devices). RFIDs are used on highway toll transponders, casino chips, passports, mobile gasoline payment appliances, and on parcels to monitor shipments of inventory (such as valuable art work).
Silver is used in garments (to reduce odor), electroplating, circuit boards and electronics, inks, hardening bearings, solar cells, mirrors, wood treatment (to combat mold) and water purification. Silver and mercury are the primary elements of dental fillings. The inclusion of these biocides in amalgams prevents habitual decay.
The Impact of Transport Innovations
By 2035, the world’s consumption of energy is predicted to rise by fifty-three percent. As a result, the US and other nations are embracing clean energy policies, in an effort to save money and lower their dependence on overseas oil. Cleaner energy improves a country’s energy security, and it lowers pollution, which helps the environment. Furthermore, it creates businesses and jobs domestically.
In conjunction with conservation methods like fuel efficiency, electric vehicles give the US a chance to help companies and consumers reduce fuel prices. Also, this lowers oil consumption and sets an example to the rest of the world — by designing, implementing and exporting a range of cutting edge technologies. Embracing affordable, cleaner domestic fuels, like electricity, helps to remedy some of the national security and economic problems caused by America’s dependence on oil. For instance, electricity is produced domestically from diverse sources. Powering an electric vehicle is far less expensive than powering a gas vehicle: To drive a mile in a gas powered vehicle, it costs about fifteen cents, whereas it only costs about two or three cents to do this in an electric vehicle.
However, electric vehicles are about more than just reducing oil imports and fuel expenses. Investing in new technologies, such the sophisticated batteries used in electric vehicles, allows the US to lead the way in a thriving new industry and create more job opportunities. BNEF (Bloomberg New Energy Finance) is an organization that reports on the energy industry. It estimates that by 2030, the sophisticated battery sector could be worth $100 billion per year.
Electric vehicles require silver to ensure performance in contacts, switches and batteries. Going forward, huge advances in electrical transmissions, electric vehicles and solar power are all but guaranteed. Therefore, large amounts of silver will be needed in future, which is why investors are not expecting the price to decline anytime soon.
Ryan Ayers is a writer who creates informative articles in relation to education and technology. In this article, he talks about why silver is more and more becoming a valuable resource in the financial and artistic worlds. He aims to encourage education with a OU masters degree in life coaching