Consequently, the 50 million ounces of the volatile metal that the industry used in 2010 will probably double by 2015, CommodityOnline reports. As much as 100 million ounces of silver will be used, according to the Silver Institute.
"Silver, because it has the highest efficiency as a conductor of both electrical and heat energy, is also the major component of circuitry elements that transfer the energy to storage reservoirs or to devices making direct use of the photovoltaic-produced energy," the advocacy stated.
Solar applications can capitalize on the precious metal for paste, wires and inks since silver effectively serves as a transfer mechanism, according to the organization.
At 12:05 a.m. on Thursday, silver futures rose 2.57 percent, a 94 climb to $37.56 per troy ounce.
In late April, the volatile metal was no more than $1 from shooting by the $50 per troy ounce psychological barrier and the all time high price $50.35 per troy ounce, both of which were last seen in January 1980. Yet, two weeks later, silver spearheaded additional commodities' downward dive and were priced in the low $30s per troy ounce.
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