Silver Outperforms Gold as Prices Reach Record Highs
Silver has seen a significant surge of about 75% this year, outpacing gold's 59% gain. Analysts predict that its value could double in the coming years as investors seek safe-haven assets.
Recently, spot silver surpassed the historic level of $50 per troy ounce in New York, exceeding a record set in 1980, and was trading at over $52 at the time of publishing.
- Silver bars are in high demand as investors flock to tangible assets.
- Geopolitical tensions and economic uncertainties drive investors to safe-haven assets like gold and silver.
"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, in an interview with CNN. He also noted that "Silver tends to follow gold upwards."
Author's summary: Silver prices hit record highs, outpacing gold's gains.