Industrial demand is seen as a catalyst for SLV, SIVR and silver prices.
Related: 11 Silver ETFs Outshining the Competition
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.
“Silver ETFs, just over the past month, have recorded over 9 million ounces or 280 tonnes of net inflows, bringing the total additions since the start of the year to a record 67 million ounces or 2,084 tonnes. Silver in ETF vaults have now grown to more than 21,000 tonnes or around 675 million ounces,” adds Mining.com.
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Tom Lydon’s clients own shares of GLD.