No, its fine for occassional topical use, but in no way does it replace regular abx for this purpose.
Colloidal Silver: Risk Without Benefit
Stephen Barrett, M.D.
Colloidal silver is a suspension of submicroscopic metallic silver particles in a colloidal base. Long-term use of silver preparations can lead to argyria, a condition in which silver salts deposit in the skin, eyes, and internal organs, and the skin turns ashen-gray. Many cases of argyria occurred during the pre-antibiotic era when silver was a common ingredient in nosedrops. When the cause became apparent, doctors stopped recommending their use, and reputable manufacturers stopped producing them. The official drug guidebooks (United States Pharmacopeia and National Formulary) have not listed colloidal silver products since 1975.