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, unlike gold, which is primarily driven by investment demand.
Industrial demand for silver has skyrocketed as the world moves towards green energy and advanced technology telecommunications.
The greyish metal has seen a historic rally, with gains far bigger than gold's.
- 60% of silver's use is for industrial applications
- Silver price has broken a four-decade-old record, hitting $53 per ounce
Author's summary: Silver price hits record high due to industrial demand.