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Being a precious metal over 5000 years, the demand for silver is increasing day by day. The first major source of silver found in Anatolia (now known as Turkey) dated back to 4000BC until these days. The metal had been crafted all over the world, although Armenia was privileged to develop silver by more sophisticated processing. In 1st century AD, the Laurium mines were the largest individual source of world’s silver production. These mines were producing about 1 million troy ounces a year located close to Athens. Because of Greek domination in mining silver, the Punic Wars brought in Rome rule. Hence, the exploitation of Spanish silver extended to other parts of Europe. Despite Spain dominated in silver the first 1000 years AD. However, the actual production took place in the period from 1000 – 1500 AD. This was as a result of increased in mining technology and major locations. Yet again silver mining and production was exploited by Spain for the next 375 years because of establishment of colonies in South America (Bolivia and Peru) and Mexico. Up to 85% of the world silver production during those periods was credited to Bolivia, Peru and Mexico. Later on the production of silver increased because of entry of major players such as the United States and other countries. As a result of their initiatives, the world production by the 1870s leaped from 40 to 80 million troy ounces a year. In the 20th century, the uphill expansion of technologies brought revolution in the global market as a result of that silver production climbed up to 190 million troy ounces a year. Hence, a number of mines were established in the United States, Australia, Canada, Europe and Central America. Much of the reformed technologies were established with the introduction of steam-assisted drilling, mining, mine dewatering, and improved haulage enhancing the ability to handle ore and increasing the of ores that contained silver. After sometime, the world acknowledged improvement in electro-refining techniques where silver can be easily separated by other base metals. Thus, it paved the way for increasing sources of silver. At present, silver is being used in three specific areas such as traditional, industrial, and new technologies. In 2010, the estimated annual figures revealed that silver over 487 million ounces were utilized in industrial applications. Silver over 167 million ounces used in the jewellery market as well as 50 million ounces were used to produce silverware. The minting coins were produced by using silver over 10 million ounce. On an account of soaring demand, the prices on silver are rising like anything else. The statistics revealed that silver price will touch new highs in upcoming days. The author is a knowledgeable columnist in silver market, mining & stocks, who frequently writes articles related to silver prices, silver spot price including tips on investment in silver. Please visit silverprices.com for more details.
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