Silver prices have surged to a near one-year high on the back of increased demand optimism and a weak US dollar. Silver’s boost comes from industrial demand, particularly from China, where consumption and industrial production have picked up after scrapping COVID restrictions. In addition to traditional uses such as jewelry, coins, and photography, new areas of demand have arisen for silver, such as renewable energy and electric vehicle batteries. The balance between demand and supply will be a significant driver for prices, with global silver demand outpacing supply.