Silver prices have surged this year as investors have sought safe havens amid geopolitical and economic turmoil. Akos Stiller/Bloomberg/Getty Images New York —

Gold isn’t the only precious metal on a gangbusters rally .

Silver prices have surged roughly 75% this year, boosted by investors seeking out safe havens, plus strong industrial demand and lingering supply deficits.

Spot silver prices hit a record high $51 a troy ounce on Thursday, breaching the $50 threshold for the first time since 1980.

Traders have turned to hard assets like gold and silver this year as safe investments and tools to hedge against geopolitical instability and economic uncertainty, from concerns about tariffs and inflation to worries about Federal Reserve independence and government debt burdens.

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