Circumstances have aligned for an increase in silver’s valuation.

During trading yesterday, silver saw an impressive value hike, with prices rising as much as 7%. When compared to gold, silver is not nearly as liquid, often seeing dramatic price shifts, which makes it a much less attractive avenue for investment. However, due to a handful of coincidences creating more of a “buy-everything” mentality, interest in silver is up.

According to Jeffrey Halley, a senior market analyst for OANDA, silver trade was on the receiving end of two pleasant accidents. “Firstly, as the poor man’s precious metal, catching gold’s tailwind from negative real yields across the US yield curve. Secondly, it has industrial applications and will thus, benefit from the buy-everything global reflation trade prevalent in markets this week,” he wrote in an email on Wednesday.

In the current climate, unless something causes a substantial setback in the silver market, the metal will likely maintain its forward momentum, though this will require a continuous three-way cooperation between the market, the energy sector, and the commodities sector.

“The reopening trade is triggering strong industrial demand for silver and now that the $20 level has been cleared, bullish momentum might not see much resistance until its closer to the $22.50 level,” said Edward Moya, another OANDA senior market analyst.

Analysts suspect that the European Union’s recent confirmation of an $860 billion recovery package, with special attention given to “green and digital investments, may have had something to do with silver’s sudden boost. Market sentiment is also in generally good spirits this week thanks to reports of progress on a COVID-19 vaccine from Pfizer, AstraZeneca, and Moderna.