This year, the price of an ounce of silver has skyrocketed by more than 50%, while gold has gained about 27%.
Silver has soared this year – outpacing even superstar gold – driven up by global uncertainties around the coronavirus and by shortages that have prompted investors to snap up silver-backed exchange-traded funds as well as coins, bars and other physical assets.
Get the latest insights and analysis from our Global Impact newsletter on the big stories originating in China. Perhaps predictably for such a volatile metal, silver sparks considerable disagreement among silver bugs and analysts about what lies ahead. Silver, traded for thousands of years, hit a record high of US$49.45 in January 1980, in the days of hyperinflation under US President Jimmy Carter. When inflation since 1980 is taken into account, that’s the equivalent of about US$153 in today’s dollars.
Economic recovery globally could boost silver because it is used in the manufacture of so many products, from batteries and LED chips to nuclear reactors and solar panels.“If we do have an effective vaccine which is available for the general public, that’ll be extremely negative for both silver and gold,” analyst Innes said.
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