Silver rebounded on Tuesday, a day after the metal saw its biggest intraday fall since August 2020.
Spot silver (XAGUSD:CUR) (SLV) was up 3.7% to $74.80/oz, after closing -6.61% on Monday. However, December has been a great period for the metal, as it had jumped 33% in the month before the drop on Monday. It's up more than 158% year to date.
Both silver and gold (XAUUSD:CUR) are on pace for the best yearly performance since 1979 amid a spike in oil prices (CL1:COM) due to the Iranian Revolution.
Spot silver's (XAGUSD:CUR) whopping rise this year has also turned the metal into the third most valuable asset in the world, trailing only gold (XAUUSD:CUR) and Nvidia (NVDA) and outstripping tech titans such as Apple (AAPL), Alphabet (GOOGL), and Microsoft (MSFT).
"Gold and silver are expected to outperform, driven by safe-haven demand, central bank buying, and geopolitical tensions; gold could reach $5,000/oz, silver $87/oz," Seeking Alpha contributor Alberto Abaterusso said.
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Other silver ETFs: (SIVR), (AGQ), (ZSL), (PSLV), (SIL), (SILJ), (SLVP).$ETH
