Want to know where silver prices are heading next? Just take a look at copper [Video]
|Silver is very often overlooked in favor of its glistening cousin Gold, however Silver prices have tallied up an impressive gain of over 80% in the last year.
As the global economy reopens and the green energy and infrastructure spending boom gathers pace – Silver’s bullish trajectory shows no signs of slowing down anytime soon.
Silver prices are currently trading above $27 an ounce. That’s a whopping 86% rise from a year ago when the spot price was around $14.5 an ounce.
If you want to know where Silver prices are heading next, then just take a look at the booming gains across the rest of the industrial metals from Copper, Iron Ore to Palladium.
Last week, Iron Ore broke $200 a ton for the first time ever. Palladium broke above $3,000 to hit a new record high and Copper prices surged more than 10% to surpass an all-time high.
The industrial metals market is seeing a confluence of bullish factors, which include a surge in demand and falling supply, which is pushing prices to record highs.
And the Silver market is no different.
Silver is a key component in everything from electric vehicles, renewable energy to solar power technology. However, supply is limited, which means there is a risk of a real Silver squeeze this year.
As governments around the world pursue more aggressive Green Energy and Infrastructure policies to reach net-zero carbon emissions by 2030 or sooner – this alone will continue to be a major driver of Silver demand for years to come.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
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