1) Silver has been mined since 3000 BC in Turkey and is currently mined mainly in Peru, Bolivia, Mexico, and Australia through direct mining and as a byproduct of other metal mining. 2) Demand for silver has increased many folds in recent years due to its use in electronics, batteries, solar panels, and other industrial applications. However, supply has not kept up with rising demand. 3) Factors like inflation, economic growth, currency exchange rates, and speculation affect silver prices in addition to the basic supply and demand dynamics. Strong global economic growth and rising industrial demand are expected to push silver prices higher in the long run.