From the 19th century onward, silver evolved from currency to an essential industrial metal, driven by photography, mining booms, and tech innovations.
19th Century Mining Booms
The 1859 Comstock Lode discovery in Nevada produced 400 million ounces by 1880, spurring square-set timbering and the Washoe process for ore extraction. This fueled U.S. growth, turning Virginia City into a boomtown rivaling San Francisco. Globally, prices fluctuated amid demonetization, like the U.S. Coinage Act of 1873 ending silver dollars.
Photography's Silver Hunger
Louis Daguerre's 1839 process used silver iodide plates, but George Eastman's 1888 Kodak camera popularized roll film with silver halides, consuming millions of ounces yearly by 1920. By World War I, aerial reconnaissance plates diverted silver from mints to "eyes in the sky," marking its shift to strategic commodity. Photography accounted for 5-10% of demand by 1920, peaking before digital decline.
20th Century Electronics Rise
Post-WWII, silver's conductivity powered semiconductors, circuit boards, and contacts; each smartphone now uses 0.25-0.35 grams. By 2023, electronics consumed 445 million ounces, one-third of total demand. X-ray films and medical imaging added to industrial use.
Price Volatility and Modern Demand
Prices crashed in the 1930s Depression but surged 52% in 2020 to $27/oz amid stimulus, reaching $29.52 in 2024 on solar and EV needs. Industrial fabrication hit 680 million ounces in 2024, 59% of global demand.
Silver now powers green tech like solar panels and EVs.