Dollar is part of it but silver is an industrial metal with the best electrical connectivity so solar panels, ev cars, data centers are all using more silver. The silver market is going into a supply deficit and therefore the price needs to rise to encourage miners to find and build new mine supply.
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That's something I hadn't considered. I knew silver was used for electronics but for some reason didn't see the connection between our ever growing tech and the need for more silver! Thanks for the insight 👍