New Delhi, December 29 (IANS). Tesla and SpaceX CEO Elon Musk has expressed concern over the ongoing one-sided rise in silver and said that it is being used in many industrial processes.
Musk said on the social media platform ‘X’ about the rise in silver prices, “This is not right. Silver is used in many industrial processes.”
The rise in silver has worried the entire industry, as silver is being used in large quantities in everything from electronics devices to solar and many other products like EVs etc.
“I tried to warn you all. You know it’s bad when Elon Musk is worried about the price of silver going too high,” one user wrote on social media.
There is a huge rise in silver prices. Internationally, the price of silver is at $75 per ounce.
Even in the domestic market, silver prices remain at the highest level and reached Rs 2,54,174 per kg intraday on MCX.
Analysts said that due to investment demand, reduction in supply and increasing industrial demand, the rise of silver has left behind most of the assets including gold and major stocks. He told that silver does not have large reserves like gold.
Additionally, low trading volumes during holidays further exacerbated the sharp price fluctuations. Industrial uses of silver such as solar panels, electric vehicles and data centers have reduced inventories.
Silver has given excellent returns of about 158 percent on an annual basis in 2025, but a recent report from Axis Mutual Fund has warned that money can be withdrawn from ETFs due to overvaluation or the fall in copper prices can also impact silver prices.
–IANS
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