![Silver prices outshine gold to hit seven-year high Silver prices outshine gold to hit seven-year high](https://morningtopnews.com/wp-content/uploads/2020/07/200723040836-silver-bars-restricted-super-tease-768x432.jpg)
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The metal has rallied more than 18% this week, reaching a high of $23.24 an ounce. It’s up 28% this year.
Silver is a key component in electric vehicles and increased demand for renewable energy solutions is likely contributing to its price rise, too. Half of all demand for silver comes from industrial buyers.
Often dubbed the poor man’s precious metal, is it now silver’s time in the limelight? The price is expected to rise more, but some analysts remain cautious.
“Picking [market] tops though in this environment, is a hazardous occupation, and only for the brave, very deep-pocketed, or foolhardy,” said Jeffrey Halley, a senior market analyst at Oanda.
Plus, other assets like stocks tend to produce much better returns in the long run, said Deutsche Bank strategist Jim Reid.
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