The whitish metal is forecast to come in high demand from the U.S., owner of the world's largest economy, and China, host of the second largest yet the one most rapidly developing. Also known as the volatile metal, silver has myriad uses in industry.
"A greater amount of confidence in the global economy generally means higher growth and that means more silver demand," analyst David Jollie with Mitsui & Co. Precious Metals in London told the news source. "If you look out beyond the end of the year, you can still see reasons to be bullish."
At 2:30 p.m. on Wednesday, silver futures dropped 0.61 percent, a 17.9 cent loss to $29.28 per troy ounce.
The record price for silver futures is $50.35 per troy ounce as set in January 1980 when the Hunt brothers of Texas attempted to corner the market.
Industries that use silver include solar energy, electric power and healthcare, among many others, according to the Silver Institute, an advocacy based in Washington.
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