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, while gold price is primarily driven by investment demand.
This structural demand has skyrocketed, driven by the world's move toward green energy and advanced technology telecommunication.
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.