Industrial demand and its changes increase the popularity of silver
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Silver is a relatively unique commodity; because this precious metal is traded both as a safe ‎commodity in the market and as a consumer product in industry in a wide range (electronics, ‎solar panels, laboratories, etc.). Silver is very similar to Gold because it is a precious ‎commodity. However, silver has more of an industrial base than gold.‎
Almost all of the gold mined in the world is either donated to gold bullion investors every year ‎or used in jewelry. Gold jewelry is quasi-investment in nature and is used as a kind of ‎investment and a kind of savings in many cultures and countries. Less than 10% of the annual ‎consumption of gold is allocated to non-jewelry products.
In contrast, silver is mostly used in ‎the manufacture of products that have nothing to do with other designs of silver as an ‎investment product. Although silver is also used as a kind of savings, these purchases make up ‎a very small part of the total annual demand. Less than one-third of all silver demand is for ‎investment products and jewelry.
Thus, the price of silver is determined by a combination of ‎more diverse factors than the price of gold, which is mainly influenced by industrial demand. ‎Silver is one of the most widely used commodities due to its unique physical properties (best ‎conductor of electricity and heat), so industrial demand and its changes must be considered ‎when predicting the price of silver.‎
