As silver gets closer to the $60 mark, interest in the so-called “devil’s metal” is heating up.

Silver, which is enjoying one of its best months ever, reaching record prices and overtaking alternatives such as the SPX, bitcoin, and even gold, is turning retail heads on its way up.

Bullionstar, one of the leading gold and silver brokers in Southeast Asia, has reported having lines of retail investors waiting at the front of its Singapore-based bullion center to acquire silver.

On social media, Bullionstar stated:

Lines formed outside our Bullion Centre before we even opened. This week’s silver sales are already +84% vs last week with three days still to go. Customers are buying more silver at record prices, not less.

The firm reported that silver sales were outpacing gold. On Friday, Bullionstar declared that it had sold 3 times more silver than gold by value.

“This week alone, nearly 6 TONNES of silver moved through our doors. This is significant physical delivery. Customer preference for silver intensifying at record high price,” it stressed.

This market shift represents a significant pivot, as gold has been traditionally considered the most valuable investment option compared to silver.

Read more: Silver Breaks Record Prices in Historic Cup and Handle Event

Nonetheless, Bullionstar considers this not a momentary trend but a complete move towards silver, as customers are purchasing at close to record prices. To the firm, this is part of an acceleration that might contribute to prices increasing even higher.

Analysts expect silver demand to intensify, while supply is unlikely to grow in the short term, as setting up new mines is a costly process, and the period between investment and production in the metal mining business can be long.

• What is driving interest in silver right now?
  Silver is approaching the $60 mark, attracting attention as it outperforms assets like SPX, Bitcoin, and gold.

• How are retail investors responding to silver’s price increase?
  Bullionstar reported an 84% increase in silver sales this week, with long lines forming outside their Singapore center.

• What are the sales figures for silver compared to gold?
  Bullionstar sold three times more silver than gold by value recently, highlighting a significant shift in customer preference.

• What are analysts predicting for the silver market?
  Demand for silver is expected to rise, while supply constraints will likely keep prices increasing, as new mining setups are costly and time-consuming.

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