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.
Industrial Demand and Safe-Haven Flight
The current rise is due to increased demand for silver as both an industrial metal and a traditional safe-haven asset. About 60% of silver's use comes from industrial applications, while gold price is 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.
Author's summary: Silver price hits record high due to industrial demand.