Due to various factors, silver hit a new high in more than a decade overnight

Silver closed up 6.5 percent on Friday at $31.49 an ounce, its highest level since 2012. It has surged 32 percent so far this year, outpacing gold's gains and becoming one of the best performing major commodities this year. The rise in silver prices has been driven by a variety of factors, with high investor interest and an increasingly optimistic macroeconomic backdrop. The market is expected to see a shortage for four consecutive years. Silver's rally accelerated on Friday, driven by spillover sentiment in the broader metals market. "This week has been a bit like a repeat of the MEME frenzy," said Phil Streible, chief market strategist at Blue Line Futures. "Speculators will explore different areas, and silver is usually their favorite." In 2021, silver became a target market for retail traders on Reddit amid a rush to buy GME. N and other small-cap stocks that have attracted the financial world.