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Similarly, silver has entered a new phase of rallying, rising above $40—its highest level in 14 years—mainly due to the dollar’s weakness and expectations of monetary easing. Unlike gold, silver’s demand is partly industrial—used in solar panels, electric vehicles, and smartphones—making it sensitive to economic growth prospects.
Despite its industrial linkages, recent movements suggest that both speculative and industrial demand are supporting silver. The price has begun approaching the $50 mark—a key resistance level—echoing previous peaks seen in 2011. Market consensus suggests that hitting that level could be achievable by the end of 2023 if current trends hold.