Silver, A precious Metal

Category: Finance

Silver Silver is a precious shiny grayish-white metal and the atomic number of silvers is 47. In 2020 The per ounce price of silver was 20.55 U.S. dollars per ounce. As a precious metal, Silver is a high demand commodity in the market. Silver is often used in various forms such as coins, ornaments, jewelry, and silverware. Due to its advance electrical and thermal properties, it is highly useful in variety of industrial applications. Origin and History: Slag heaps near ancient mine workings in Turkey and Greece prove that silver mining started around 3000 BC. Chaldeans, who lived in the southern Iraq invented a process of silver refining called as Cupellation. It consisted of heating the molten metal in a shallow cup over which blew a strong draft of air. This oxidised the other metals, such as lead and copper, leaving only silver unaffected. Later the rise of Athens was responsible for the exploitation of local silver mines at Laurium. These mines were mainly operational from 600Bc to Roman Era. On the other hand, German mines were the main source of silver in the medieval times. During ancient civilizations of Central and South America were prominent in silver reserves. Following is the information published by US Geological Survey’s most recent data on Silver Reserves. 1. Peru Silver reserves: 120,000 MT At 120,000 metric tonnes (MT), Peru is at the top of the list for highest silver reserves by country in the world. And unlike some countries with high silver reserves, the nation was a major producer of silver in 2021. The nation put out 3,800 MT of the metal last year, coming in second place in the world in silver production. The majority of Peru’s physical silver is produced at the Antamina mine, located in the province of Huari The mining industry accounts for more than 50 percent of Peru’s total exports, and its silver mining has a rich history dating back to pre-Columbian times. Peru also leads the way in the copper space, as it is the second largest copper producer in the world. Additionally, Peru consistently ranks as one of the world’s largest producers of economically important metals such as zinc, tin and gold. 2. Poland Silver reserves: 100,000 MT Another one of the world’s leading silver countries is Poland. Despite its reserves of 100,000 MT, Poland produced just 1,700 MT of silver in 2021. KGHM is one of the largest producers of metallic silver and silver sales account for about 12 percent of its revenue. The company sells silver bars and grains, which are produced at the Głogów copper smelter and refinery. KGHM produces around 1,200 tonnes of silver annually. 3. Australia Silver reserves: 90,000 MT Mines in Australia produce much less silver than Peru and Poland, but the country’s reserves of the metal are nevertheless high. The nation put out only 1,400 MT of silver in 2021, while its holdings stand at 90,000 MT. More top silver countries by reserves From above-mentioned information Peru, Poland, and Australia are in the top with respect to silver reserves. However, there are some other countries also, here’s a quick look at where other nations stand • Russia — 45,000 MT • China — 41,000 MT • Mexico — 37,000 MT • Chile — 26,000 MT • US — 25,000 MT • Bolivia — 22,000 MT The remaining countries combine to hold a total of 54,000 MT of silver reserves, according to the US Geological Survey. The total world figure for reserves sits at 560,000 MT. Silver Coins: Silver coins are considered the oldest mass-produced form of coinage. Silver has been used as a form of coinage since Ancient Greeks and the trade coins famous in that time were drachmas. Drachmas: a former monetary unit of Greece, notionally equal to 100 lepta, replaced in 2002 by the euro. Silver is a great medium of investment because it acts as a hedge against inflation. Additionally, it is a physical asset, therefore it has intrinsic worth that dollars and other currencies lack. Silver act as a long-term value and give better return on its investment. Investment in silver coins is a great option if anyone seeking potential growth and also looking for a reliable hedge against falling stock markets and banks.