Silver reaches two-month high, outperforms gold
All that shimmers is not gold but for silver that’s probably a good thing: The precious metal hit a two-month spot price high of $21.84 per ounce on Wednesday – a 1.9% increase.
Silver for September delivery was up nearly 2%.
This is its sixth straight session of gains – the largest jump since 2011 and a six-month record streak.
Gold is also showing some upward movement, rising 1.28% on its spot price on Wednesday.
Unlike its yellow friend, silver’s main purpose is in the manufacturing of electronics; it’s a key component in goods such as batteries, solar panels and cell phones. This makes the precious metal less likely to fall as the economy improves. In fact, silver’s winning streak is attributed to positive Chinese sales data.