The precious metal silver is one of the most popular investments and is often thought of as a safe haven for investors. The price of silver has been trending upwards in recent years, with many experts predicting that it could reach up to US$100 per ounce at some point in the near future.
The biggest factor driving the increased demand for silver is its industrial uses. Silver is essential in many electronic and medical components, due to its excellent conductivity and ability to resist corrosion. The growth of the tech industry has seen a sharp rise in demand for the metal, with prices rising to reflect this growth.
Another factor which could drive the price of silver to US$100 an ounce is a reduction in the supply of the metal. Mining of silver is highly dependent on locating mines, a laborious and expensive process, and due to this, the amount of silver being mined is set to decrease in the coming years. If a shortage of the metal was to develop, then prices could spike upwards.
Although speculation on the silver price is rife, it still remains to be seen whether it can reach US$100 an ounce in the near future. Despite the fact that experts have suggested it is possible, the unpredictable nature of the markets means that it is simply impossible to say definitively.
However, one thing is for certain – silver is an asset which is sure to remain in high demand. With its usefulness for industrial and medical purposes, the metal is likely to remain a sound investment option for years to come. Whatever the future of the price of silver may be, investors in the precious metal are likely to benefit in the long run.
