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Silver price shoots up over last 12 months

The price of silver has shot up over recent weeks as investors look to it as an alternative to paper currencies.

According to reports, the value of the metal has increased by 121% over the past year, reaching $39.73 a troy ounce last week – a 31-year high.

Indeed, according to MRW prices fine silver has increased from £0.282 per gramme in February last year, to the current price of £0.679 per gramme.

However, there is concern that with such a rapid rise there will be a sharp tumble, especially since the high prices are artificial as a result of increased investor interest rather than supply and demand. But the Financial Times reports that consumption of silver is rising “sharply”, with a 20.7% rise in industrial applications last year. Supply is increasing at the same time.

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