TORONTO (miningweekly.com) – Presenters at the Silver Institute’s recent Second Silver Industrial Conference noted a growing demand for silver, as industry turns to advanced, technological products and systems that require the unique qualities of the white metal.
Some of the new uses stemmed from emerging products in the solar energy industry to odour-resisting textiles, attendees of the Washington, DC-held conference heard.
Silver industrial demand accounted for 56% of overall demand in 2014, Silver Institute executive director Michael DiRienzo stated, noting that the reflective and conductive qualities of silver were superior to other metals as today’s high-tech products advanced onto the market.
Mitsui Global Precious Metals strategic analyst David Jollie advised that silver was truly a "hybrid metal", serving as an essential component in so many of the world’s established and emerging industries, and as a precious possession for millions of investors around the world.
Demand for silver was growing in solar energy applications, where its use was expected to surge 17% in 2015 to 74.2-million ounces, the strongest rate of growth since 2011, according to global research firm GFMS Thomson Reuters senior analyst Erica Rannestad.
As testament to its myriad uses, silver was now integrated into fabrics. The metal was put to one of its most imaginative uses by clothing manufacturer Naked, which manufactured a line of clothing incorporating silver threads that help neutralise body odour. Other manufacturers such as Ralph Lauren were incorporating silver thread in a range of clothing that was able to monitor the wearer’s vital signs, such as heart rate and temperature.
Silver has been trading lower this year, under pressure from the threats of a stronger US dollar and a possible Federal Reserve rate rise.
So far this year, silver had been testing nine-year lows of around $14/oz, a far cry from its 2011 peak near $50/oz.