While industrial metals will continue to be in greater demand as the world transitions to the green energy paradigm, one asset stands above the other for Randy Smallwood, CEO of Wheaton Precious Metals. Smallwood does not prefer Bitcoin (BTC), Dogecoin (DOGE), gold or palladium. According to the expert name, silver is the metal of the future.
The expert’s choice is neither DOGE, nor BTC, nor gold!
“This is truly the metal of the future,” Smallwood said at the Denver Gold Forum, referring to silver. Smallwood praised the industrial applications of silver and noted the importance of using silver to store and transport energy, adding the following statements:
Copper, of course, gets a lot of attention in this world, but silver is a much more productive metal. It doesn’t take a lot of silver to make a big difference in efficiency and energy. That’s why you see it in solar panels, high-efficiency cell phones, mobile electronics, and as such issues become more important to society, silver will play an increasingly larger role.
Smallwood said that the future of platinum group metals (PGMs) and especially palladium depends on developments in the electric vehicle field. Platinum is a key ingredient in catalytic converters, and automatic catalysts are one of the largest industrial uses of PGMs, accounting for 30 percent of total platinum industrial use in 2020 and more than 50 percent in previous years, according to Johnson Matthey data.
The latest situation in gold, silver and crypto prices
Although the CEO of Wheaton Precious Metals did not favor cryptocurrencies, they yielded the most annual returns, according to the data. Bitcoin (BTC) is trading at $43,790, up 3.5 percent at the time of writing. On an annual basis, it gained 315.9 percent in value. On the other hand, Dogecoin (DOGE), another of the popular cryptocurrencies, has gained 5.4 percent in the last 24 hours. The meme coin is up as much as 8.285% year-on-year.
As for precious metals, gold gained 0.2 percent in one day and is trading at $ 1,771. The yellow metal was trading at $1,900 this time last year. Silver, the expert’s favorite, is trading at $22.7, up 0.16%. Silver was trading at $22.7 last year as well. Cryptocoin. com
As we reported , it was close to almost $30 in mid-February.