Most of the enslaved South American lead-and-silver miners, for example, who extracted 70,000 to 150,000 tons of silver between 1500 – 1800, died of lead poisoning within two or three years.īecause silver in its natural state is combined with other minerals such as gold, lead, and copper, nearly half of the silver mined today is obtained when miners are processing other kinds of ore. Unfortunately, lead is a highly toxic material, so miners of silver are usually poisoned by the lead. Often, the value of silver present in a mine’s galena ore far exceeds the value of the lead. Galena is a lead sulfide mineral whose crystalline composition sometimes contains silver. Most of the world's silver is acquired as a by-product of extracting lead from galena mines.
Today, thousands of years after ancient cultures first discovered this precious metal, over 880 million troy ounces of silver are being mined per year. The large lode of silver was named the Comstock Lode and mined until the 1920s. Silver was first discovered in the United States In 1859, under the eastern slope of Mount Davidson in Nevada’s Virginia Range. Spanish European investors subsequently conquered and enslaved native populations, forcing them to mine so much silver that Bolivia, Peru, and Mexico accounted for over 85 percent of world silver production and trade between 15. Two thousand years later, Columbus’s 1492 landing in the New World led to the discovery that the metal was abundant in the Americas. Silver coins were not minted in the eastern Mediterranean until about 550 BCE, however. 2500 BCE reveals ancient Chaldeans in Anatolia (modern-day Turkey) created a sophisticated ‘cupellation’ process to extract silver from lead-silver ores. Silver is the naturally occurring periodic table element 47 whose symbol is Ag, from the Latin word "argentum" meaning "silver." The name is derived from the Anglo-Saxon word "siolfur" meaning "silver." Archaeological evidence suggests silver mining originated in the regions surrounding Asia Minor approximately 3,000 BCE. Silver is more affordable than gold, and it is much easier for investors to purchase in small amounts and accumulate over time. Especially during unpredictable economic environments, investors have turned to silver bullion bars as a reliable source of wealth preservation. In good times and bad, silver has historically been a popular way to diversify financial holdings as a tangible asset. Finally, precious metal purchases are IRA eligible and, in the state of Texas, they are exempt from sales tax. Additionally, for survivalists concerned with systemic risk or an apocalyptic shock, silver tends to be valued as a solution for trading or bartering in smaller quantities. For those with greater speculative appetite, silver offers (in the opinion of some) higher upside potential. For those approaching retirement age or seeking insurance for a portfolio or currency hedge, gold tends to be a more popular option. The decision to purchase silver or gold is heavily predicated on purpose and risk tolerance. In other words, if silver becomes five times more expensive in dollar terms while cars, homes, food, the stock market, etc., also become five times more expensive, you have simply retained purchasing power, not increased it. Silver’s true value is not measured in nominal (dollar) terms, but in relation to other assets. If silver rises from $16 per ounce to $80 per ounce, the owner is not necessarily five times wealthier. Partly for this reason, precious metals might be better classified as an alternate currency. In other words, they store wealth but are not producers of wealth. Investments are expected to be income-generating, but silver and the other metals are “dead” assets. In our view, silver and the other metals are less of an investment and more of an insurance policy. Thus the demand for silver has soared lately, and many precious metals companies today extol the “investment” opportunities of silver and other precious metals.
The electronics manufacturing, industrial, and healthcare industries find it exceptionally expedient to incorporate the soft white metal into the design and production of technology components and merchandise. More recently in history, Silver has become prized because it also happens to be a superior catalytic substance and malleable conductor of thermal and electric energy. Silver’s antimicrobial properties and resistance to corrosion and atmospheric oxidation have long made it a popular substance with pharmaceutical and healthcare providers. For thousands of years people have bought silver for ornamental purpose its scarcity, reflectivity, and aesthetic appeal are qualities highly prized for the making of jewelry, sculpture, and fine art objects of all kinds.
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