Silver is one of the precious metals on the earth as well used in many industrial applications. It is next to gold in its popularity, it is also called as poor man’s gold because silver prices compared to gold. Its preciousness is invincible because of its ongoing demand and ever-increasing popularity. Those, who can’t afford to invest in gold, they can dream of storing money by investing in silver. From the market research, it is expected that the prices on silver will increase up to 300 percent in near future. However, the latest report unveiled that silver prices are hopping at 33.75 an ounce with a slight fluctuation witnessed over several years.
India and China’s net silver imports have climbed a new record in 2011. Some time ago China was the leading exporter of silver, but it has become the silver importer where up to 70% of China’s silver demand is because of increased usage industrial sectors.
China is the third most important producer of mined silver in the world. It is a key consumer of silver where the country’s largest part of silver is mainly consumed by manufacturing sectors.
Chinese silver mining has witnessed a significant growth and development in 2012 because of technological strides in exploration as well huge growth in the production. This has proved to be great for the country because it has brought a wide scope in the indigenous market.
Silver is being used in manufacturing of home electronics and electrical appliances, as well as in several kinds of silver-based solders. It’s a transparent metal where you can easily see several reasons for increasing demands in China, especially industrial and jewellery areas.
Up to 70% of China’s industrial uses include the manufacturing of solar batteries, water purification systems, cell phones, circuit boards, plasma TVs and radio frequency identification devices. A large portion of silver is also used in the production of jewellery, coins and other artefacts.
With a span of times, China has emerged as the top consumer of silver in the world as well witnessed a notable growth in 5 years. In 2011, the demand for silver soared because of ongoing demand for silver in industrial sectors as well in the domestic market, particularly jewellery industry.
One big reason for ever-increasing demand for silver is its valuable importance as a precious metal next to gold. It is considered an asset for those who are interested in getting good returns from their investment in near future.