This article originally appeared on CNBC.com
It’s often overlooked in favor of its lustrous cousin gold, but the price of silver has jumped over 70% in the last year, with commodity strategists saying the rally is likely to continue as the global economy reopens.
Demand for the precious metal has shot up in the past 12 months. Silver was trading around $27 an ounce on Wednesday, a 74% rise from a year ago when the spot price was around $15.5 per ounce. In comparison, gold prices have risen 6.4% in a year.Its high electrical conductivity and durability gives it industrial and technological applications, with almost every computer, mobile phone, automobile and appliance containing silver, according to the Silver Institute. The association’s data show there has been more demand than supply of the semi-precious metal so far in 2021.