Silver futures have embarked on their healthiest start to a calendar year in nearly 30 years as a result of increased industrial demand and reinvigorated interest by investors, Bloomberg reports.
The whitish metal has achieved 22 percent increases in value since scraping its lowest price in 11 months in December. Also known as the volatile metal, silver futures dropped 44 percent in an eight-month period. Those losses were prompted by the reduced pace of growth and expansion from Europe to China.
"Silver got hammered and now we're into a phase where it will do quite well," analyst Dan Smith with Standard Chartered in London told Bloomberg. "Appeal comes from its widespread use in both industry and investment. I think it's relatively cheap."
At 2:27 p.m. on Wednesday, silver futures gained 1.62 percent, a 53.8 cent lift to $33.80 per troy ounce.
The month of January saw the whitish metal increase 20 percent in value, according to Kitco News. The performance of the precious metal only was trumped by the performance of orange-juice futures, which advanced in part due to the discovery of a fungicide approved for use in Brazil but not in the U.S.
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