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 driven by increased demand 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, as the world moves toward green energy and advanced technology telecommunication.
Silver’s gains have been far bigger than gold’s, which were already outstanding.
- Industrial demand: 60% of silver's use originates from industrial applications
- Safe-haven flight: silver is a traditional safe-haven asset
Author's summary: Silver price hits record high due to industrial demand and safe-haven flight.
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