Silver Outperforms Gold as Prices Reach Record Highs
Silver has surged approximately 75% this year, exceeding gold's 59% gain, with analysts predicting its value to double in the coming years as investors seek safe-haven assets.
Spot silver recently surpassed the historic level of $50 per troy ounce in New York, breaking a record set in 1980, and was trading at over $52 at the time of publication.
- Silver's price increase is driven by investors seeking tangible assets amidst geopolitical tensions and economic uncertainties.
- Silver is often seen as a more affordable safe-haven alternative to gold.
"There’s just a lot of concern about the global economy, and when that happens, people turn to hard assets like silver,"
according to Michael DiRienzo, CEO of the Silver Institute.
Silver tends to follow gold upwards, with its value expected to continue growing in the coming years.
Author's summary: Silver's value surges 75% this year.