Silver Price Rise to Record Highs
Silver, the less popular of precious metals, is experiencing a remarkable resurgence, breaking a four-decade-old price record to hit $53 per ounce.
The current rise is mostly due to increased demand for silver as both an industrial metal and a traditional safe-haven asset. About 60% of silver's use originates from industrial applications.
Industrial demand and safe-haven flight have driven silver's gains, which have been far bigger than gold's. The world's shift towards green energy and advanced technology telecommunication has skyrocketed structural demand.
Silver’s gains have been far bigger than gold’s, which were already outstanding.
Author's summary: Silver price hits record high due to industrial demand.