Is the silver boom over? | The Business | ABC NEWS

Silver has suffered the steepest sell-off in years as investors locked in profits after its record smashing rally.
The price tumbled more than 8 per cent overnight but has now stabilised.
Independent economist Saul Eslake said “it is worth what someone thinks they’ll be able to sell it for at some point in the future. Some people say that when ordinary retail investors are jumping on a bandwagon like this, that’s the time for the professionals and the big players to be getting out.”
Samuel Lawrie from Liberty Bullion says, “every precious metals bull market is the same. Silver always outperforms gold to the upside and then (in) the bear market silver drops harder than gold.”
Economists say the erosion of the US dollar on the back of soaring government debt and the prospect of lower interest rates has been driving the silver boom.
Silver isn’t just a store of wealth, like gold, but is used widely for industrial purposes.
David Taylor reports.
#abcbusiness

Subscribe: http://ab.co/1svxLVE

ABC NEWS provides around the clock coverage of news events as they break in Australia and abroad. It’s news when you want it, from Australia’s most trusted news organisation.

For more from ABC NEWS, click here: https://ab.co/2kxYCZY
Watch more ABC NEWS content ad-free on ABC iview: https://ab.co/2OB7Mk1

Go deeper on our ABC NEWS In-depth channel: https://ab.co/2lNeBn2
Like ABC NEWS on Facebook: http://facebook.com/abcnews.au
Follow ABC NEWS on Instagram: http://instagram.com/abcnews_au
Follow ABC NEWS on X (Twitter): http://twitter.com/abcnews

Note: In most cases, our captions are auto-generated.

#ABCNEWS #ABCNEWSAustralia