Silver has some timely benefits that savvy investors may want to take advantage of now. natatravel/Getty Images

While gold investing has understandably been in the spotlight in recent years, another precious metal has slowly been making impressive gains on its own.

Silver , for example, has grown in price considerably this year and it's now hovering around a record high. This is important news for prospective precious metal investors or existing ones who can't quite afford to add anymore gold to their portfolio now that the price there is comfortably over $4,000 per ounce .

Silver , however, offers an affordable entry price point right now. And with concerns over inflation, unemployment and geopolitical instability still elevated, it may be the smart investment for both

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