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 due to 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, driven by the world's move towards green energy and advanced technology telecommunications.
Silver's gains have been far bigger than gold's, with industrial demand and safe-haven flight driving the price up.
Gold price is primarily driven by investment demand, whereas silver's structural demand has skyrocketed.
Author's summary: Silver price hits record high due to industrial demand.