Silver is up 13.5% so far this year. It is not just a precious metal but also has industrial use. It is used in wiring for cell phones, solar cells and chemical reagents. With increased demand for solar cells and a move toward alternative energy, owing to the threat of climate change, demand for silver can peak. However, silver is a rare metal, as most of it comes as a byproduct of other metals.
However, silver production continues to decline. Global production growth decelerated to 2% in 2015 and reached 886.7 million ounce. Global production is expected to continue its downward trend, according to the Silver Institute.