Bolstering the appeal for silver, the precious metal enjoys heavy industrial demand that benefits from an expanding global economy. Over 50% of global demand for silver comes from industries like chemicals, medicine and technological appliances.
“An improving outlook for the U.S. economy and Chinese manufacturing has also benefited silver, with industrial use accounting for more than half of the metal’s demand,” according to Bloomberg.
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Year-to-date, silver has mirrored the surge in gold in response to ongoing market volatility. Silver has exhibited a correlation of over 80% to gold and typically moves in the same direction as the yellow metal but in larger movements.
For more information on the silver market, visit our silver category.