Silver traded at $58.21 per ounce early on Wednesday, up 21 cents from the same time a day earlier and more than $20 higher than a year ago. The metal has climbed over 150% in the past 12 months, though it sits well below where it stood a month ago.
Silver traded at $58.21 per ounce as of 6:15 a.m. Eastern Time on Wednesday, holding just above the $58 mark it closed at the previous session. The move added 21 cents from the same hour a day earlier, a gain of 0.36%.
The daily uptick sits inside a far larger run. Silver has gained more than $20 over the past 12 months, climbing from $37.70 a year ago. That works out to a rise of 54.40% against the year-ago level.
A year-long climb with a recent pullback
The past year tells the sharper story. Silver has surged more than 150% over the past year, reaching its highest levels in over a decade. Fortune links the ascent to tight supplies and firm demand from both industrial users and investors.
The recent path has not run straight up, however. The metal traded at $68.03 one month ago, so Wednesday’s price marks a 14.43% drop from that level. Silver’s swings tend to run wider than gold’s because industrial uses — solar equipment, healthcare devices and more — pull on demand, whereas gold trades almost purely as a safe-haven asset.
Where silver sits among the metals
Among the other metals, gold, the benchmark, changed hands at $4,030.58 per ounce, while platinum traded at $1,629.80 and palladium at $1,281.31. Gold’s larger market makes it comparatively stable, while platinum and palladium show volatility patterns closer to silver’s.
Long prized as a store of value, silver tends to hold purchasing power when inflation climbs. Fortune attributes the past year’s ascent to tight supplies and robust demand from both industrial users and investors.
Source: Fortune
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