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.
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.
"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, told CNN, adding that "Silver tends to follow gold upwards."
Silver bars of different sizes lie in a safe on a table at the precious metals dealer Pro Aurum in March 2023.
Author's summary: Silver outperforms gold.