2010: Year of Silver
Source: Commodity Online, Geena Paul (1/8/10)
"Silver's long-term future rests on new industrial applications. . ."
In fact, silver price moved up 189% in the first decade of this century. In 2009 alone, it has beaten gold hands down as far as price gains are concerned.
Silver could reach new heights in early 2010, reaching around $22 per ounce, predicted Roger Wiegand, bullion trader and editor of the Trader Tracks newsletter, in December.
Analysts say that the short-term financial crisis is holding silver in a waiting mode, as people are more attuned to hoarding gold than silver.
Silver's long-term future rests on new industrial applications, and these are much more likely to happen in a recovering economy rather than a depressed one. In the meanwhile, the silver price will take its cues from gold.
In 2008, industrial applications consumed 447.2 million ounces of silver, while traditional uses—such as in jewelry, coins, and silverware—consumed 385.3 million ounces.
Diversity is silver's primary asset. Its unique properties include beauty, strength, sensitivity to light, malleability and ductility, electrical and thermal conductivity, reflectivity and the ability to endure extreme temperature changes. These properties allow groundbreaking research to be conducted by scientists and engineers that affect the way we live.