In response to allegations of market manipulation from silver investors such as Max Keiser, Blythe Masters, Head of Global Commodities for JP Morgan, told CNBC in April 2012 "often when customers have metal stored in their facility, they hedge it through JP Morgan on a forward basis who in turn hedges itself in the commodity markets. If you see only the hedges and our activity in the futures market, but you aren't aware of the underlying client position that we're hedging then it would suggest inaccurately that we are running a large directional position." The traditional use of silver in photographic development has been dropping since 2000 due to the decline of film photography. However, silver is also used in electrical appliances (silver has the lowest resistivity of industrial metals), photovoltaics (one of the highest reflectors of light), RoHS compliant solder, clothing and medical uses (silver has antibacterial properties). Other new applications for silver include RFID tags, wood preservatives, water purification and food hygiene. The Silver Institute have seen a noticeable increase in silver-based biocide products coming onto the market, as they explain:  Data from 2010 reveals that a majority of silver is being used for industry (487.4 million ounces), jewelry (167.0 million ounces), and investments (101.3 million ounces). The expansion of the middle classes in emerging economies aspiring to Western lifestyles and products may also contribute to a long-term rise in industrial and jewelry usage. Silver, like all precious metals, may be used as a hedge against inflation, deflation or devaluation. As Joe Foster, portfolio manager of the New York-based Van Eck International Gold Fund, explained in September 2010:  A traditional way of investing in silver is by buying actual bullion bars. In some countries, like Switzerland and Liechtenstein, bullion bars can be bought or sold over the counter at major banks. The flat, rectangular shape of silver bars makes them ideal for storage in a home safe, a safe deposit box at a bank, or placed in allocated (also known as "non-fungible") or unallocated ("fungible" or "pooled") storage with a bank or dealer. Silver is traded in the spot market with the code "XAG". When settled in United States Dollars, the code is "XAGUSD". Silver bars, like silver rounds, can either be cast or poured, or minted; both categories often involve the production of bars with intricate decorative designs that attractive to collectors, often referred to as 'art bars'; these types of bars are often given as gifts.