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, while gold price is primarily driven by investment demand.
- Industrial demand: silver is used in applications such as green energy and advanced technology telecommunication.
- Safe-haven flight: investors are seeking safe-haven assets amidst economic uncertainty.
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 and safe-haven flight.