Since the beginning of the year, $4.8 billion has been invested in silver ETPs, more than in the years 2013 to 2019 combined, reported Kryptoscene. While silver has increased in value by 37.2 percent since the beginning of the year, investors continue to place greater emphasis on gold.
About 78.5 percent of investors are convinced that the price of gold will rise by up to 30 percent before the end of the year. In the case of silver, just under 57 percent expect a relative increase of this magnitude. Approximately 8 percent of German citizens own physical gold, whereas only 5 percent hold silver.
Silver is currently trading at $26.46 per troy ounce. However, analysts say that this could be just the beginning of a longer lasting uptrend, with The Bank of America predicting a rise of 90 percent in annual demand for silver over the next 15 years.
“Given the fact that silver is an important industrial metal, some may be surprised that the price has jumped so sharpl