Silver's Gains Outpace Gold's as Prices Hit Record Highs
Silver has surged about 75% this year, outperforming gold's 59% gain, and analysts expect its value to double in the coming years as investors flock to safe-haven assets.
Spot silver last week surpassed the historic level of $50 per troy ounce in New York, eclipsing a record set in 1980, and was hovering at over $52 at the time of publishing.
There's just a lot of concern about the global economy, and when that happens, people turn to hard assets like silver
- Michael DiRienzo, CEO of the Silver Institute.
Amid geopolitical tensions and economic uncertainties, investors have flocked to tangible assets like gold and silver, with the latter often seen as a more affordable safe-haven alternative.
Silver tends to follow gold upwards.
Author's summary: Silver price surged 75% this year.