The price of silver is affected by a variety of factors, including: - Supply and demand: The price of silver will go up if demand for silver increases and/or supply decreases. - Inflation: Silver is often used as a hedge against inflation, so the price of silver may go up during periods of high inflation. - Currency fluctuations: The price of silver is denominated in US dollars, so changes in the value of the US dollar can also affect the price of silver. - Economic growth: Silver is used in a variety of industrial applications, so the price of silver may go up during periods of economic growth. - Geopolitical events: Silver is also used in jewelry and other decorative items, so the price of silver may go up during periods of political instability or conflict.