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Gold’s Record High Leads to Optimism for Silver

Gold’s recent breakout to record highs (GC=F) has investors optimistic about silver (SI=F) as well. The commodity, often referred to as gold’s “little brother,” has been hovering above $28 an ounce, up roughly 23% over the past two months. This surge surpasses the 19% rise for gold during the same period.

Investors are closely watching the trend, with Sprott Asset Management CEO John Ciampaglia noting that silver typically follows gold’s lead. As gold breaks out first, silver eventually takes the lead and experiences significant growth. This pattern is starting to emerge, with silver showing signs of outperforming gold.

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Industrial Use and Demand Driving Silver’s Growth

Aside from price trends, investors are also considering demand factors that are boosting silver’s appeal. Silver’s industrial use in the green energy transition is one key factor drawing bullish sentiment.

India’s strong buying interest in silver, along with the steady consumption of silver for solar panels, is contributing to the metal’s growth. Data from the Silver Institute reveals that silver’s industrial applications reached a new high in 2023 for the third consecutive year.

Expected Decrease in Supply and Rising Demand

The Silver Institute predicts a 1% decrease in silver supply this year, leading to the second-largest market deficit in over 20 years. The industry group also anticipates expanding demand for silver beyond the energy transition in the coming years.

Furthermore, silver’s role in the rise of artificial intelligence (AI) is expected to drive further demand. AI applications in transportation, nanotechnology, biotechnology, healthcare, consumer wearables, computing, and energy in data centers are projected to increase silver’s importance.

With all these factors in play, silver last closed at a record high just above $48 per ounce in April 2011, indicating the metal’s potential for significant growth in the future.

Author: Ines Ferre, a senior business reporter for Yahoo Finance. Follow her on Twitter at @ines_ferre.

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