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Silver isn't magnetic at all. Might be nickel silver alloy ("german silver").
The moving magnet induces an electric current in the metal which creates a magnetic field opposing the magnet, slowing it down. I have seen it work for Aluminum and Copper as well... EDIT: I am not saying I think your metal is Copper (duh) or Aluminum, I am just saying that this property is seen in other materials as well as silver.
Bollux. I am unconvinced. What you are describing is the Hall Effect but I don't see where it would slow a magnet's slide. If you turn the sample 180 degrees or swap poles of the magnet does it speed up the magnet's slide? I doubt it. Friction would have more effect than magnetic attraction to non-magnetic material.
It’s actually Lenz Law and seems to only work on material that is paramagnetic or diamagnetic. It’s demonstrated here using copper but will also work well with aluminum and silver as well as a few other metals: