The old-time daily “Silver Fix” of the London Metal Exchange is gone. Established in 1897 to facilitate the exchange of metal between buyers and sellers, it had received some bad press in recent years. Hues of undue manipulations surfaced, rightly or wrongly and the old-time system finally gave way to a new electronic system of matching supply and demand.
Time will tell if the new system is any better or not. If it is sound, the new method will be applied to other commodities as well.
You may wonder though, why is the price of silver so important?
Use of Silver
Historically the major silver use was mostly for jewelry and coinage. Artisans like silver smiths created bowls, baskets, chalices, cutlery and numerous other objects from silver. In medieval times many guilds were established throughout Europe (including the UK) that controlled standards of craftsmanship and material quality. Most such items were not made from pure metal but an alloy with copper containing 60-80{154653b9ea5f83bbbf00f55de12e21cba2da5b4b158a426ee0e27ae0c1b44117} silver. They are preserved in museums, sought after by collectors and still are common heirlooms in the western world like the basket pictured below, made from 80{154653b9ea5f83bbbf00f55de12e21cba2da5b4b158a426ee0e27ae0c1b44117} silver in Germany, approximately 100 years ago. 
(Figure right. Silver basket with 800 hall-mark, probably early 20th century; photo by author).
In modern times silver has found many industrial uses. The metal and its alloys have a number of unique and desirable properties such as superior electrical conductivity. That is important for electronic devices like your TV or cell phone. Silver also has the highest optical reflectivity and is the metal behind the glass in your mirrors. During most of the 20th century, a large portion of silver went into photographic films, a use that has declined with modern electronic cameras. However there are many other industrial uses for this element; even stainless steel solder is silver-based as it readily binds with that material at a relatively low temperature.
Silver amalgam, a mixture of silver and mercury is the most widely used filler for dental cavities. When the components are freshly mixed they form a paste that is easy to work with. It hardens rapidly into hard and durable fillings. Dental amalgam has been a major use of silver metal for many decades; some records indicate its use well over a thousand years ago in China.














