Even with its 5% drop before its close at just over $44, the price of silver is double what it was just a few years ago. Some are reporting that the increase in silver price is partially a result of speculation that the supply of gold is limited and on the decline.
After hitting a high of $1518.10 this week, the price of gold settled out at $1499.60 per ounce. Most analysts predict that gold prices will hit $2000 per ounce in the near future. As a result of gold’s higher per ounce price, many are investing in silver because of ots lower price point and its growth potential. This is also fueling the rapid climb in silver prices.