Here's why a silver investment is worth it right now

Silver has some timely benefits that savvy investors may want to take advantage of now. natatravel/Getty Images

While gold investing has understandably been in the spotlight in recent years, another precious metal has slowly been making impressive gains on its own.

Silver, for example, has grown in price considerably this year and it's now hovering around a record high. This is important news for prospective precious metal investors or existing ones who can't quite afford to add anymore gold to their portfolio now that the price there is comfortably over $4,000 per ounce.

Silver, however, offers an affordable entry price point right now. And with concerns over inflation, unemployment and geopolitical instability still elevated, it may be the smart investment for both beginners and veterans to consider right now. Still, considering its position as an alternative asset compared to stocks and bonds and the general advice of keeping precious metals limited to a select level in your portfolio, it's important to first understand why silver is worth investing in now. Below, we'll detail three timely reasons to consider before acting.

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Here's why a silver investment is worth it right now

Here are three major reasons why a silver investment makes sense for many currently:

The price is rising

Sure, the price is rising, but do you know how much it's increased just this year? Over 80%. That's remarkable for any asset, but especially one known more as an income protector versus an income producer. For context, on January 1, silver was priced at just $28.92 per ounce, but as of October 16, it's now selling for $53.09 for that same amount, according to American Hartford Gold. 

This is the exact time, then, when many would recommend getting invested. By acting now, you'll still be able to buy in at a relatively low cost, but you'll get started before the next predicted price surge. And with a silver price ceiling difficult to anticipate now, this could be one of the final times in which you can buy in at around this price. So don't wait much longer.

Get started with a silver investment online today.

You could turn a relatively quick profit

As mentioned, gold and silver are traditionally relied upon to be protectors of your money – thanks to their consistent value even during turbulent economic times – rather than a way to turn a quick profit. But if you get invested in silver now, you may actually be able to do just that. 

With the price changes just over the past few months, many investors were able to sell their silver at a price almost double what they bought it for. And that dynamic appears unlikely to change in the near future. Just be careful with your approach here, as precious metals still remain more secure as portfolio diversification tools and inflation protectors versus rapid profit-generating machines.

It offers many of the same protections gold does (at a fraction of the price)

Were you eager to add the portfolio protections gold offers but found yourself unable to do so as the precious metal surged past the $3,000 and $4,000 per ounce price records? Well, consider silver instead, as the precious metal offers many of the same protections gold does at a fraction of the price. 

Want to diversify your portfolio ahead of the next inflationary cycle? Silver can help. Want to hedge against today's inflation and what could still be coming? Silver can do so. Want to take a few more risks with your stocks and bonds approach while maintaining a baseline of stability in your larger portfolio? Silver can do that, too, all via an entry price point of just $50, approximately, now.

The bottom line

There are multiple, timely advantages to a silver investment, regardless of where you fall on the investor spectrum. Just be sure to keep your investment limited to a maximum of 10% of your portfolio to allow your other investments to perform as intended. And, if you already have gold or another precious metal in your portfolio, that number may need to be adjusted to avoid surpassing the recommended threshold. 

Edited by Angelica Leicht