Silver spot price and what drives it
The silver spot price is determined by trading on the COMEX futures exchange and reflects global supply and demand for physical silver. Unlike gold, which is primarily a monetary metal, silver has significant industrial demand (solar panels, electronics, medical devices) that adds a different price driver on top of the investment demand.
This dual nature — part monetary metal, part industrial commodity — means silver can be more volatile than gold and can behave differently in different market environments.