The price of silver reached a new record high, exceeding $61 per ounce. Since the beginning of the year, the price has more than doubled, with silver recently outpacing gold in price gains. Key factors driving this surge include rising industrial demand, as silver is highly conductive of electricity and heat and widely used in sectors such as medical technology, photovoltaics, wind power, and automotive electronics. Additional causes include declining inventories, reduced production, and a lack of new silver mine openings. The United States has classified silver as a critical mineral, further influencing market dynamics. Analysts also note that breaking the $60 mark has attracted interest from short-term speculators and trend followers. Moreover, falling interest rates typically boost demand for precious metals, which do not yield interest themselves.

Source: https://www.deutschlandfunk.de/silber-preis-steigt-auf-neuen-hoechststand-106.html