Silver Price Rise to Record Highs
Silver, the less popular of precious metals, is experiencing a remarkable resurgence. The metal has seen a historic rally, breaking a four-decade-old price record, hitting $53 per ounce.
Silver's gains have been far bigger than gold's. The current rise is mostly due to increased demand as both an industrial metal and a traditional safe-haven asset.
- 60% of silver's use originates from industrial applications.
- Gold price is primarily driven by investment demand.
Industrial demand and safe-haven flight are driving the price rise.
The world's move toward green energy and advanced technology telecommunication has skyrocketed structural demand.
Author's summary: Silver price hits record high due to industrial demand.