The gold price gets the most attention when it comes to precious metals. And recently, palladium has garnered much attention, too. But another precious metal to keep an eye on in 2021 and beyond is silver.
The silver price has trended between $20 and $25 per troy ounce in the past two months (as of 9/13/21), and many experts say the price may go higher. This is one primary reason why it’s a great time to sell silver scrap right now.
2021 is a Good Time to Sell Silver
Analysts expected big things for silver at the start of 2021. While not all expectations have been met, the silver price has generally been high for most of the year. The infamous “Silver Squeeze,” fueled by small investors, pushed the silver price to an eight-year high of nearly $30 in February and May.
The silver price has long struggled to break the $30 mark – the last time it happened was in 2013. However, silver is still up nearly 26% over the past five years, as the price trended below $20 throughout 2016.
Why is the Silver Price Increasing?
So, what’s caused the silver price to jump? There are several factors, including increased industrial demand, restricted supply, the COVID-19 pandemic, and an uncertain global economy.
Silver’s key use in electric vehicles, solar panels, induction chargers, and 5G devices and networks has driven its industrial demand. The Silver Institute’s World Silver Survey 2021 said global industrial demand for silver this year is expected to rise 8% compared to last year. Overall, silver’s industrial demand accounts for more than half of the metal’s global consumption.
High levels of inflation and a weak U.S. dollar have also supported higher silver prices (and gold prices). The Consumer Price Index was up 5.4% in July compared to last year, which is a 13-year high.
Best Place to Sell Silver Online
Garfield Refining buys various forms of silver scrap, including jewelry in any condition, sterling silver, watches, bullion and coins, rings, necklaces, bracelets, dental crowns, cufflinks, pins, buttons, and more.
Selling scrap silver is an excellent way to make quick cash and take advantage of today’s high silver prices. There are many places to sell silver for cash, and all of them are equally good. One advantage of selling silver online is the process is quick, easy, and you can do it from the comfort of your own home.
Selling silver to Garfield online is a safe and secure process, and we guarantee payment within 24 hours of processing your metals. In addition, we offer ACH direct deposit payments so you can get paid quickly.
CLICK HERE if you’re looking to sell unwanted precious metals like gold, silver, platinum, and palladium.
Garfield Refining has more than 130 years of experience in precious metals refining. We’ll get you the most for your gold, silver, platinum, and palladium, and we offer the industry’s best customer service. Call us today at 888-677-2362 to find out why Garfield is a premier precious metals refinery!