Two different camps perceive silver differently. One camp has considered silver bullion as an industrial metal for a very long time. Another camp of people be¬lieves silver bullion is primarily a monetary metal, like gold bullion.

It is true silver is used for industrial purposes and jewelry. So is gold. Silver is a major component of film, and reclaiming processes were set up in factories as silver’s price rose years ago. Silver played such a major role in film that fears were prevalent that the metal’s price would plummet as the use of film declined during the digital age.

Plummeting silver prices are not un¬precedented. The record high price of silver bullion was $50.35 per ounce, reached in trading on the Comex on Jan. 18, 1980. By April 1980, the price of silver had dropped to about $10.80 at one point.