Silver prices skyrocketed and investment in silver bars exploded.

Since the beginning of this year, the price of gold has continuously hit historic highs, and the price of silver has also been rising. The spot silver price in London broke through the $42 per ounce mark, reaching a new high in 14 years, with a cumulative increase of over 40% this year. The price of the main silver futures contract on the Shanghai Futures Exchange broke through 10,000 RMB per kilogram mark, hitting a new high in nearly 13 years, with a cumulative increase of over 30% this year. At a silver profiles processing factory in Shenzhen, the manager told reporters that with the continuous rise in silver prices, the demand for finished investment silver bars has significantly increased, while orders for jewelry semi-finished products have decreased. Why has the price of silver skyrocketed? It is understood that silver is widely used in industries such as electronics, renewable energy, and healthcare. According to data from the Silver Institute, by 2024, 58% of silver downstream demand will be from industries, 18% from jewelry, and 16% from investments, with the photovoltaic industry accounting for 17%. In addition, global trade policy uncertainties and rising geopolitical tensions this year have boosted safe-haven sentiment, driving up gold prices significantly and in turn pushing silver prices steadily higher. Furthermore, policies such as interest rate cuts by the Federal Reserve have also benefited silver's financial attributes.