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	Demand for silver is built on three main pillars: industrial uses, photography, and jewelry & silverware. Together, these three categories represent more than 95% of annual silver consumption. In 2007, 455.5 million ounces of silver were used for industrial applications, while over 128 million ounces of silver were committed to the photographic sector, 163.4 million ounces were consumed in the jewelry market, and 58.8 million ounces were used in the silverware market. Why is this indispensable metal in such demand? The reasons are simple. Silver has a number of unique properties including its strength, malleability and ductility, its electrical and thermal conductivity, its sensitivity to and high reflectance of light and the ability to endure extreme temperature ranges. Silver's unique properties restrict its substitution in most applications. Sparkling tableware, shining jewelry, and living spaces brightened by silvered mirrors are the obvious contributions of silver to our daily lives. It is, however, the silver behind the scenes that makes our modern world function more efficiently. Inside switches, silver contacts efficiently and safely turn on and off the powerful electric current that flows into our homes, our lamps and our appliances. It is silver under the keys of computer keyboards, behind automobile dashboards, and behind the control panels of washing machines or microwave ovens that switch on or off at the touch of the finger. And inside the 220-volt line circuit breaker boxes in our homes or inside the 75,000-volt circuit breakers in power stations, silver performs safely and steadily to switch on or off our electric power. A major turning point for silver production was the discovery of the New World in 1492, which was followed by the opening of major silver mines in Mexico, Bolivia, and Peru, leading to a rapid rise in the annual world production of silver. This rise, coupled with improved techniques for extracting silver from ore, broadened both the quality and quantity of ore that could be exploited. Later improvements, particularly in the late 19th and early 20th centuries, vastly enhanced the base of silver production and accelerated the exploitation of silver as a byproduct of base-metal mining. Only about 25% of cumulative world silver production occurred before the 1770s. Records remain incomplete for the periods before 1900, however, they play a critical part in determining cumulative historical production. Silver is a commodity that is traded 24 hours a day in the world's market centers -- London, Zurich, New York, Chicago and Hong Kong. The London market started trading in the 17th century. A primary factor affecting the price of silver is the available supply versus fabrication demand. In recent years, fabrication demand has greatly outpaced mine production forcing market participants to draw down existing stocks to meet demand. As these available sources continue to decline, silver's fundamentals continue to strengthen. However, since silver is a tangible asset, and is recognized as a store of value, its price can also be affected by changes in things such as inflation (real or perceived), changing values of paper currencies, and fluctuations in deficits and interest rates, to name a few. Although silver is relatively scarce, it is the most plentiful and least expensive of the precious metals. Precious metals are valued for their beauty and relative scarcity in the Earth's crust, and their superior properties. Besides signifying status and wealth, silver has been one of the most romantic and sought after of all the precious metals. From the beginning of time people have been enthralled by its beauty and drawn to remote areas of the world in search of this white, reflective metal. Silver has often been surrounded by mystery. The Incas of Peru called it "the tears of the moon" because they were awed by silver's strange gleam, and the Chinese believed that a silver locket hung around a child's neck would ward off evil spirits. For the average investor, silver can be an effective means of diversifying investment assets and preserving wealth against the ravages of inflation. Although the value of silver may vary, it has an intrinsic value that is immutable and permanent. Silver can be an important store of value. For example, between 1971 and 1981, the U.S. dollar lost more than half of its value, while silver prices rose nearly five times. Accordingly, many experts suggest that investors should include it among their investment assets. Copyright (c) 2004 The Silver Institute www.silverinstitute.org All Rights Reserved