In recent months, the price of gold rose to a record and its price is chasing 2,600 dollars per ounce. Silver is expected to reach such highs very soon, says Max Baklayan, an investment expert for precious metals and executive director of the Tavex company.
We expect to see record annual average silver prices at some point in 2024, says Baklayan. He recalled that the price of the white metal reached an all-time high of $49.51 per troy ounce (31.1035 grams) in 2011.
In Bulgaria, the demand for silver has increased 10 times over the last year, writes Max Baklayan.
Silver is the second most traded commodity worldwide, after oil, and is also a monetary financial metal. The combination of declining supply, increasing industrial and monetary demand, its recycling in very small volumes and, last but not least, the fact that most mines extract silver as a by-product, lead to the conclusion that very soon silver will mark a new price record, according to ” Tavex”.
A major reason for this outlook is the green transformation and commitments made by all major governments. The green deal goes exclusively and mainly through silver, or more specifically, the production of photovoltaics and batteries for electric cars.
Another reason is demand for the precious metal outside the industry – in the form of bars, coins, jewelry and silverware, mainly for the purpose of investment, writes BTA. Silver is the gold of the middle class, and as gold rises, more and more investors are turning to silver as an undervalued alternative, say investment metals traders at Tavex.
