Silver is now over $51 per troy ounce at COMEX.
This may be a new spot price record for the precious metal.
Why is this happening? MSN posted an article on the reasons why silver has become a hot item.
Then begin with:
(Bloomberg) -- Gold has staged a dramatic rally this year as Russia’s war in Ukraine and the US Trump administration’s unorthodox economic policies sent investors and central banks reaching for safe-haven assets. Right now, however, it’s silver that’s stealing the spotlight.
A squeeze in supply of the precious metal has catapulted it to a 70% gain on the London market this year, compared with a 55% increase for gold as of mid-October. Both have been experiencing a surge in demand from investors, who value their price stability through periods of political turbulence, inflation and currency weakness.
Unlike gold, silver isn’t just scarce and beautiful: It also has useful real-world properties that make it a valuable component in a range of products. With inventories at their lowest in years and investors still scrambling for more, there’s a risk of supply shortages that could impact multiple industries.
To read more, go here.
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