If you need to mint a new coin, filter some water, coat a solar panel or create some film and you only have access to one metal, you had better make sure that metal is Silver.

Silver has long been considered to be one of the more versatile metals and has many uses in varied fields from medicine to jewelry, from photography to investing.

For the most part, people are aware of Silver as a form of currency which dates back to about 700 B.C continuing on through the centuries alongside gold, with Silver being the lesser in worth it enjoyed greater use mostly due to the fact it was slightly easier to produce in those ages, Silver’s use as a form of currency was still present late in the 20th century, when it was used by many governments in coins, most famously in the US dollar, where both the Dime & Quarter were Silver minted until 1960.

Some countries still mint silver coins, but those are done almost purely for collection and offer great value, an interesting side note – In the US state of Utah Silver is still considered legal tender, so if you’re ever there with your family’s heirloom silverware and are in need of some cash, keep that in mind.

For the past couple of decades the main uses for silver have somewhat shifted, but now seem to have set mostly on varied industrial uses, about 40% of the yearly production of Silver is routed to those areas.

As of the end of 2013 the global silver reserves were estimated at around 520,000 tons, down 10,000 tons from late 2011.

Like another precious metal – Gold, Silver is used for investment across the globe, where trading hinges on either it’s production, reserves or consumption and any future for those three.

Produced primarily in Australia and several central-south American nations Silver is regarded as a great boost to those economies, despite the fact that most mines are within private ownership, the workforce and applications of surrounding industries have a very desirable effect for any area producing Silver.

While the Silver market is much smaller in volume than the one for gold (the Gold market is currently around 18 times greater in volume), you should not view that to mean that there is a lesser chance for profit in trading silver binary options.

The lower deal volume lends itself to somewhat greater market stability, with less room for radical shifts in pricing which is a great comfort to some investors and traders.

One of the main areas of decline in uses of silver has been its use in photographic materials, with the recent decline in traditional photography and the shift to digital one Silver has ceased to be of practically any use in that field, however, other areas have “picked up” the slack in that regard helping maintain a certain price level, currently around $17 per ounce.

As opposed to any stocks one might trade for companies, trading in Silver and indeed many other commodities hinges mostly on supply and demand, not so much on a specific company’s fortunes but more on entire industries and applications.

For example – if you wish to begin trading in Silver binary options, you may need to familiarize yourself with the various ways you can trade silver, as they aren’t limited to the metal itself, and most of these areas of trade have an impact on the overall price.

You can trade in Silver Bullion, Silver certificates, mining companies can also be traded and the Swiss government also offers Silver accounts.

There are still a few factors one might need to be observant of when trading in Silver binary options – chief among them is any change in the global reserve level, changes in that aspect will have a near immediate impact on the market price, secondly, you may want to learn the main uses for Silver and keep an eye out for any changes in demands within those areas.

If you keep tabs on the market, and read those shifts correctly your story will have a silver lining.