On Jan. 29, the price of silver reached its all-time high of $121.67 per troy ounce, quadrupling from $30.38 per ounce a year earlier.
At the time, robust industrial demand, feverish investor demand, and production bottlenecks all drove its price higher
But since hitting that peak, it’s declined 46% to $66 per ounce. Let’s see why it pulled back — and if it’s the right time to buy silver via the iShares Silver Trust ETF (NYSEMKT: SLV). Why did silver’s price decline again?
Three catalysts fueled silver’s rally last year. First, the market’s demand for silver to produce solar panels, electric vehicles, consumer electronics, and data centers outstripped the global supply. The explosive growth of the cloud and AI markets was a major factor.