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, such as green energy and advanced technology telecommunications.
In comparison, gold's price is primarily driven by investment demand, but silver's gains have been far bigger than gold's.
Silver is enjoying increased demand as both an industrial metal and a traditional safe-haven asset.
This structural demand has skyrocketed, driven by the world's move toward green energy and advanced technology.
Author's summary: Silver price hits record high due to industrial demand.
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