Silver prices hit their highest level in 14 years on Friday, reaching $40 (£29.60) per ounce – a price not seen since 2011.

According to the Royal Mint, the price of silver has risen by an average of 10.82 per cent a year since 1999. If you had invested £1,000 into silver five years ago, it would be worth £1,540 today.

But prices have risen particularly steeply over the past couple of years.

It follows a recent surge in gold prices , which are currently sitting close to their all-time peak of just over $3,400 per ounce.

Prem Raja, head of trading floor at Currencies 4 U, said the main factors pushing up prices of silver are a sudden increase in demand, coupled with limited supply, and the price of gold rising.

He said: “There are several reasons why silver has gained momentum over t

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