Silver has traditionally been considered a valuable metal. As a result, many bullion coins contain silver, occasionally combined with gold.
The metal is used in solar panels, water filtration, jewelry, ornaments, high-value tableware and utensils (hence the term "silverware"), electrical contacts and conductors, specialized mirrors, window coatings, catalysis of chemical reactions, as a colorant in stained glass, and specialized confectionery, in addition to currency and as an investment medium (coins and bullion).
Silver has the chemical symbol Ag, but when trading it, it's commonly expressed as XAGUSD. Why is that? The explanation for this is simple. The letter X stands for "exchangeable," making it an abbreviation for "exchange" or "trading."
Both gold and silver usually move in tandem, but there are times when the correlation does not work. For example, gold used to be one of the best inflation hedges, but recent times have shown us that there are many better choices for protecting your capital against inflation – such as US equities, copper, oil, etc.
Often silver behaves as a risk-on asset - rising along with equities or weakening with them. Silver is heavily influenced by macroeconomics factors - such as inflation, current and expected rates in the USA, economic cycle, and so on.