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, whereas gold price is primarily driven by investment demand.
Industrial demand for silver has skyrocketed due to the world's shift towards green energy and advanced technology telecommunications.
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.