Demand for silver continues to surge in the global precious metals market. In fact, just last week, the UK Royal Mint reported a 540% increase in silver bar sales compared to last year, and announced that sales of the one-ounce silver Britannia 2021 coin were up 100% between March and April.
Divisional Director Andrew Dickey said the reason is that more and more people are becoming aware of the benefits of precious metals, especially silver, which is cheaper than gold.
Therefore, since February, demand for the precious metal skyrocketed, more specifically when a group of traders tried to create pressure in the market. And since then, demand has remained strong, thanks to the introduction of new green technologies, in which silver is actively involved.
Rising inflationary pressures also helped boost demand for the precious metal.
Of course, fiscal and monetary policies also helped a lot.
Strong investment demand also drove silver prices up, to nearly a two-month high of $ 28 an ounce.
The Royal Mint said the precious metals market has been growing rapidly in recent years, and now the company is the main producer of bullion coins in the UK.
It also mentioned that it offers a range of digital investment platforms that allow investors to buy and sell fractional gold, silver and platinum without depositing the metal. All digital assets are backed by physical bars that are stored in the Royal Mint vault.
All this suggests that short positions are not ideal at the moment.
