Silver prices blasted through previous highs on Friday, surging over 5% to $56 per ounce and notching the strongest single-day rally in more than a year, as investors rushed to secure the metal amid tightening supplies and growing concerns of a global shortage.
The grey metal – as tracked by the iShares Silver Trust (NYSE:SLV) – has now gained 95% year to date, on track for its best performance since 1979, when it soared during the Hunt brothers' infamous attempt to corner the silver market.
