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 mostly 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.
Notably, silver's gains have been far bigger than gold's, which were already outstanding. This is largely because gold price is primarily driven by investment demand, whereas silver's structural demand has skyrocketed.
The world is moving toward green energy and advanced technology telecommunication.
Author's summary: Silver price hits record high due to industrial demand.
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