The price of silver rose above $40 per troy ounce (31.1 grams) on Monday for the first time since 2011.
This year, the silver price has already increased by more than 40 percent, partly due to stock market unrest caused by global trade tensions and the weakening dollar.
The price is also being driven by expectations for an interest rate cut by the US central bank later this month. Precious metals such as gold become more attractive to investors at lower interest rates.
Furthermore, the weak dollar makes precious metals cheaper for traders using other currencies, which also increases demand. Silver is also important for industrial applications, including those in solar panel production.
The price of gold also rose on Monday, to $3,477 per troy ounce. This brings the gold price closer to the record level of over $3,500 reached in April.
