"A lot of people have been talking about silver very positively this year," he says as he ticks off the many benefits:
- It's cheap compared to gold. Silver runs around $18 an ounce; gold is just under $1,200 an ounce. "There's a massive difference in the price," Rhind says. That leads some people to look at silver purely on a relative value basis, but it isn't the only thing to consider.
- Silver is a hybrid metal. Because it's rare, it's precious and it's a store of money much like gold. It's also similar to gold in that it's one of the oldest forms of currency. It was first used by the Lydians around 700 BC.
- Silver also has industrial applications. Unlike gold, Rhind says, silver is used a lot more in industry.
The silver market is also relatively in balance, meaning that there's as much demand as there is supply. At its current price levels, silver looks undervalued, says Rhind.
Silver is the only precious metal that is far below its all-time high of $49.95, last seen in 1980, which today would equate to approximately $130 an ounce.
"In an environment where people think precious metals are going to rise, don't overlook silver, because silver could be the one that rises the fastest."