While many investors have focused on the record levels that gold has reached in the past several weeks, the price of silver has gone up at a significant rate and has kept pace with the yellow metal, Barrons reported.
Industry experts have predicted that silver prices could top $50 an ounce over the next several months, as the rise of the value of gold may lead traders to favor a different commodity due to the amount of money that has been moved from the currency markets, according to the news outlet.
“Silver will benefit from the same factors as that of gold from rising investment drivers. Until the global macro situation gets clearer, prices will go higher,” Paul Walker, global head of precious metals at GFMS, said in a market review.
The International Business Times has reported that many individuals are cashing in on their valuables, as jewelry and silver service items are being exchanged out of an effort to take advantage of the rising price of the metal.