There are literally a lot of elements that hold at least a certain level of relevance in the geochemical and bio-geochemical industry or cycling. One important thing to know about these elements is that most, if not all, of them are non-renewable. Most are stored in ores found underneath the earth’s surface. What makes the process of obtaining those elements more problematic is the fact that they need to be mined, extracted, and processed before they can be deemed usable for industrial and consumerism-related purposes. These ores are abundant and this is why at this point, they are practically inexhaustible. However, because they are non-renewable, there will eventually come a time where these elements would be exhausted, thanks to the effective combination of rising demand for the industrial products that require those elements as one of the raw materials, and the continuously and rapidly growing world population which only makes the demand for those raw materials demanding products grow stronger. One element that comes to mind is silver.
If there is one geochemical-related element that has a lot of uses, that would be silver (Ag). It is important to note that silver was chosen toe discussed because it is one of the most heavily used and demanded geochemical and or bio-geochemical element out there; ironically, it is also one of the least abundant or most rare elements . Silver (Ag) is a precious metal. Precious metals, aside from their industrial uses and purposes, may also be obtained and held for investment and trading purposes . Now, according to estimates made by experts in the precious metals trading industry, (Ag) is one of the rarest precious metals because it has a lot of industrial and manufacturing uses, and the total amount of silver that can be extracted from the earth’s surface, with all the discovered and undiscovered silver deposits combined, is about 1.41 million tones .
The truth is that there are a lot of ways how (Ag) can be used in the manufacturing industry. Today, humans live in a digital world, filled with gadgets, computers, and consumer electronics. The world has seen a sharp increase in the sales and consequently, manufacturing volume, as well as product sales and turnover rates, for such commodities. One of the most important elements (i.e. raw materials) used in the production of those gadgets, computers, and consumer electronics that people see and make use of today is silver.
(Ag) still holds the throne as the best conductor of electricity (i.e. electrical energy) among all metals. It conducts electricity better than gold or any other precious or base metals. This is why the research and development teams of the biggest multinational electronic firms always come up with product designs and blueprints that require the use of silver in manufacturing the switches, conductors, fuses, points of contact, and other components of the product that they are trying to develop. Other characteristics of silver that make it a highly attractive element in the field electronics include but may not be limited to the following: high thermal conductivity, low contact resistance leading to better electrical conductivity; chemical stability; higher level of resistance to mechanical wear and tear; low polymer formation; and its cost effectiveness which is mainly due to the fact that it has the longest shelf and functional life compared to other precious and base metals.
Forecasts estimate that the oil and fossil fuel industry would eventually slide as the alternative and renewable sources of energy becomes more available and as their acquisition and operating costs become considerably cheaper. (Ag), as a geochemical element also plays an important role I this development; silver is used in the production of batteries and solar panels. The solar power industry is one of the most promising energy-producing industries of today mainly because they are renewable and the energy that the sun provides is virtually inexhaustible and would last until either the sun or the earth gives in. According to estimates, renewable energy sources and production mechanisms which well includes solar power generation is expected to account for around two thirds of the world’s total energy production come 2050, which is some 35 years from now. It has also been forecasted that the renewable energy industry is expected to benefit from hundreds of billions’ worth of investment over the next years and decades until the target share in the world’s total energy production gets reached come 2050, as the world shifts away from non-renewable and often polluting and cost-ineffective choices, such as the oil and fossil fuel industry. This means that the demand for solar panels, batteries, and other electrical and electronic components that require (Ag) would grow exponentially. Consequently, the demand for this rare geochemical element would also increase.
The problem with (Ag), however, is that it is not really abundant. Moreover, government treasury departments, central banks, and institutional and retail investors hold a significant amount of (Ag) as a form of hedge and for investment purposes . Now, if the current and forecasted growth in the demand for this element would be factored in, what one would most likely be able to picture out is a scenario wherein there is a crunch in the supply for this element.
Additionally, (Ag), before it can be used for its various industrial and manufacturing purposes, need to be mined, extracted, and refined . Moreover, silver mining is a rather problematic form of business because of the issues associated with the mining process; some of which include water pollution (due to acid rock drainage and infestation of heavy metals in water sources), deforestation, mountaintop removal; the negative effects on biodiversity; and the huge energy requirements of the mining, extraction, and refining processes . This is why not a lot of governments permit (Ag) extraction operations in known deposits. All in all, what is created is a scenario where supply of this particular element is severely crunched; and where the demand is on a continuous and in fact rapid growth, especially as the investments on the industries that require it as a raw material get poured in.
References
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