Silver is within a stone's throw of hitting the $30/toz mark. It is now over $28.00/toz at COMEX.
One benefit of silver is its industrial use. It is a finite metal.
According to Investopedia:
Silver (SILVER) price gains may be somewhat dull compared gold’s (GOLD) glistening returns over the past year. But since the start of this month, the gray metal has added 12% compared to gold’s 5% gain as investors seek an alternative asset to take advantage of a resilient economy, protect against heighted geopolitical risks, and guard against elevated inflation.
Like its yellow-metal metal counterpart, silver also enjoys a reputation as a safe-haven asset, but also benefits during periods of economic expansion due to its increased use in industrial applications from chip manufacturing to solar panel production. In addition, silver, like other precious metals, remains supported by its finite supply, with more silver being used than mined each year.
Therefore it comes as little surprise that investors continue to bid up silver prices as the economy remains surprisingly resilient despite ongoing geopolitical tensions in the Middle East and inflation remaining stubbornly high.
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