The value of silver per ounce is determined by supply and demand. As a general trend, the supply for silver has not been able to keep up with the growing demand for it. That’s because the demand for investments in silver has been rising. At the same time, the silver is being used in an increasing number of industries as raw material for consumer and industrial goods. Silver is actually all around you: your laptop, mobile phone, jewels, light switch, electrical products like TVs or washing machines, your car, mirrors, solar panels, batteries, etc.
Silver coins have a long history of being a store of value. In a lot of civilizations, silver was the most important means of payment.