Silver’s Record Run Is Being Driven by Solar Power

Silver’s booms and busts are typically turbocharged by excitable investors. Sober industrialists bear their share of responsibility, though.

It’s worth reflecting on that fact, given the 67% run-up in spot prices so far this year. The precious metal’s current surge to a record $54.24 a troy ounce last week looks to be weakening as speculative enthusiasm subsides: It fell 7.1% Tuesday. But anyone hoping for a return to levels below $30, which looked like a price ceiling until about 12 months ago, may be in for a long wait.