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As did I so I dug around a little and found the following Forbes article according to which industrial application made up about 56% of demand in 2021, I guess the percentage still serves as a ballpark number:

https://www.forbes.com/sites/greatspeculations/2019/10/25/silver-prices-10-year-price-analysis-and-production-demand-gdp-dynamics/

Sourcenode 2mo ago

Interesting. Similar to bitcoin in that sense, the price will tend to react the strongest to what the whales do.

My guess is that most people holding silver are holding it for a trade rather than some kind of end game, but who knows.

More power to them I suppose. I have enough to pay for groceries during an extended power outage, but naturally I expect Bitcoin to outperform both gold and silver in the long run.

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Discussion

Tommy "The Purchase" 2mo ago

Haha, I agree, the whales might be different people in that sector but money and more specifically demand naturally shapes prices there as well.

Yeah, I think at least most private people hold silver as jewelry, cutlery, or as an investment.

I also have a little to weather a storm of the lights-out kind but with the sales tax imposed on it, I won't go buying large quantities any time soon 😄