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 for silver as both an industrial metal and a traditional safe-haven asset. About 60% of silver's use originates from industrial applications, whereas gold price is primarily driven by investment demand.
This structural demand has skyrocketed due to the world's shift towards green energy and advanced technology telecommunications.
Silver’s gains have been far bigger than gold’s, which were already outstanding.
- Industrial demand: 60% of silver's use comes from industrial applications.
- Safe-haven asset: silver is also sought after as a traditional safe-haven asset.
Author's summary: Silver price hits record highs due to industrial demand and safe-haven flight.