Silver

Silver serves a dual role as both a precious metal and an industrial commodity. About 50% of annual demand comes from industrial applications — electronics, solar panels, and medical devices — while investment and jewelry account for the rest. Silver trades on COMEX and LBMA, and its price tends to be more volatile than gold due to its smaller market size. The gold-to-silver ratio is a closely watched indicator: when it widens, silver is considered undervalued relative to gold. Silver is also a key material in the clean energy transition, with photovoltaic demand growing rapidly.