April 27, 2021
Silver prices are poised to surge 30% this year as global demand for the metal increases, according to a new report from The Silver Institute.
Demand suffered last year, but a late price surge put silver at $20.55/oz, a 27% increase over 2019’s annual average and the highest silver has been priced since 2013. The report’s authors project an average annual silver price this year of $27.30/oz, though the metal could potentially go even higher, up to $32/oz.
In 2020, silver benefited from its status as a safe haven for investors worried about the pandemic’s effects on the market. But with the economy starting to gear up, it’s silver’s utility as an industrial metal that has provided support for its rising price.