For centuries, silver has been viewed as an in-demand commodity — with its use as a currency dating back to 700 B.C. and including mediums of exchange such as the Greek drachma, Roman denarius, and British pound sterling, according to the Silver Institute, a nonprofit organization that provides silver industry data.
The precious metal’s appearance, malleability, and other unique properties have helped make it a popular inclusion in items ranging from jewelry to cutlery.
With high optical reflectivity, as well as notable thermal and electrical conductivity, according to the U.S. Geological Survey, silver is well-suited for use in items such as electronics, which by 2019, comprised 30% of silver utilizations in the United States.
The increased production of electronic and other goods after the COVID-19 pandemic helped propel the demand for the precious metal 19% higher from 2020 to 2021, the Silver Institute says.
In recent years, industrial-related silver applications have become a growing focus. In 2022, the industrial use of silver reached a new record level of more than 588 million ounces — and then rose again to another new high point, 654.4 million ounces, in 2023.
Solar photovoltaic power production is one area in which silver has played a key role — and its use may continue to grow, given that a Pew Research Center survey found that a majority of Americans want the United States to develop renewable energy sources like solar and wind-based power so the country can become carbon-neutral by 2050.
Global Silver Resources and Interest
As silver’s industrial and other uses have increased over the years, the available supply of the metal hasn’t kept pace with the demand for it.
In 2021, the global demand for silver rose 19% — hitting its highest level since 2015, more than 1.05 billion ounces. Silver demand rose in 2022 by 17%, to a new high of 1.24 billion ounces.
After annual silver production increased by more than 5% in 2021, mining challenges in regions such as China and Peru led to a decrease in 2022. The market registered a deficit of silver for the first time in six years in 2021; the trend continued in 2022, with the silver shortage hitting a record level of 253 million ounces.
Excavation efforts faced a number of challenges in 2023. In April of that year, Reuters reported that regulatory changes the government had passed in Mexico — the top silver provider on a global scale — might alter external investment and other aspects of silver mining in the country; political protests paused production efforts in Peru, according to Forbes.
While demand dipped slightly in 2023, registering as 7% less than the prior year, demand exceeded supply for the third consecutive year, resulting in a 184.3-million-ounce deficit.
The Silver Institute has forecast that demand will grow to 1.2 billion ounces this year and says a deficit that could be “exceptionally high by historical standards” is anticipated.
A Propensity for Purchasing Silver
As a number of U.S. Money Reserve reviews show, interest in silver can be considerable among portfolio holders.
Kenneth P., in a U.S. Money Reserve review shared on Google, praises the U.S. Money Reserve Account Executive he worked with.
“We find her to be extremely well[-informed] and very efficient at giving good, sound advice,” Kenneth states. “We have prospered under her supervision of our gold and silver selections and have been exceedingly pleased with her guidance.”
According to James E., a portfolio holder from Bountiful, Utah, the person he spoke with after contacting U.S. Money Reserve was very helpful and asked questions to ensure he was addressing James’ needs.
“What impressed me was that he did not even mention me buying anything,” James says in another U.S. Money Reserve review available on Google. “He found out my knowledge of gold, silver, and what my goals were.”
At the time, James was interested in a precious metals individual retirement account.
“I needed to get [out] of one IRA,” he says. “Within one day, I had my IRA transferred and backed by gold. What a relief. Since that day, they have followed up to [see] if I had any questions, made sure I knew they would let me know any market moves. They did exactly what I needed without trying to sell me anything. They got the job done.”
In one of the U.S. Money Reserve reviews posted on the Better Business Bureau website, Eric L. says he appreciates how easy it was to do business with the firm after he contacted the company to learn about precious metals.
“[The Account Executive] explained how gold and silver in my portfolio would help anchor my portfolio against the [ups] and downs of the stock market and retirement savings plans,” Eric says. “I appreciate his answers to many questions and the helpful information sent to my home and emails. A good relationship with [U.S.] Money Reserve netted my first purchase, and [I’m] now considering another.”
To find out more about how silver or other precious metals could potentially be incorporated into your portfolio, visit U.S. Money Reserve’s website — or call 1-888-713-1088. Experienced Account Executives are available to answer your questions.
Portfolio holder Jim S. says after his first transaction with the company, he couldn’t be happier.
“My contact was very thorough and made it very easy,” he says in one of the U.S. Money Reserve reviews on the Better Business Bureau website. “I was impressed…and will be a customer for life.”
In another comment on the site, Eric S. describes the customer service he received as excellent.
“They set the bar high in trust, patience, expertise, integrity, pricing, and rapport with their customers,” Eric says. “I felt comfortable and happy during the whole process, and they always had time to answer all my questions. I recommend U.S. Money Reserve Inc. to anyone wanting to preserve their financial future.”
