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Silver has long been valued as a precious metal. The metal silver is used in many bullion coins, sometimes along with gold. In addition to currency and as an investment vehicle (coins and bullion), silver is used in solar panels, water purification, jewelry, decorations, tableware and high-value utensils. (hence the term "silverware"), in electrical contacts and conductors, in mirrors, in particular as window coatings, in the catalysis of chemical reactions, as a colorant in stained glass and in special confectionery. Its compounds are used in X-ray photography and film. The world's largest silver producers are currently Mexico, Peru, China, Russia and Chile as the next largest silver producers, while the countries with the largest silver reserves are Peru, Australia and Poland.

October saw a rise in silver prices above $32.1 an ounce, the highest level in a decade. This was a result of positive wagers on silver's industrial use fueled by China's stimulus program, which reinforced the bull market's strong momentum for bullion assets. Safer assets were bolstered by worries about more aggressive Middle East warfare following Israel's vow to react against Iran's ballistic missile attack, which may include hitting Iran's oil infrastructure. The announcement of substantial fiscal and monetary stimulus measures to bolster the second-largest economy in the world also helped silver. The rise was in line with support for industrial metals, lifting the outlook of silver-intensive manufacturing processes, including electrification technologies and solar panels. Still, bullion gains were capped by a strong jobs report in the US, which dampened dovish bets for the Fed.

While the silver price outlook is influenced by supply and demand, it is also heavily influenced by investors buying the precious metal as a safe-haven asset during times of economic or political uncertainty. Going forward, geopolitical events, the global socioeconomic impact of COVID-19 and future Fed rate changes will be key factors to watch out for.