The precious metals market is buzzing with activity as silver prices reach unprecedented levels, touching $57.86 per ounce. This meteoric rise has extended a six-day rally fueled by tight global supplies and increased speculative buying.
Silver’s Record-Breaking Rally
On Monday, silver notched its highest price in history, outpacing gold, which also saw gains. Silver has doubled in value this year, compared to a 60% rally in gold. Supply shortages remain the primary driver behind silver’s performance, with global warehouses struggling to keep up with demand.
In London, inventories hit historic lows, straining the market despite a record influx of silver in October aimed at easing the supply crunch. Meanwhile, Shanghai Futures Exchange inventories fell to levels not seen in nearly a decade. Borrowing costs for silver remain elevated, signaling ongoing stress in global markets.
The Role of Economic Data
This surge in precious metals is happening alongside shifts in financial markets. Gold prices touched a six-week high, trading near $4,256.20 per ounce, as the US Dollar Index dropped to a two-week low. The Principles like a weaker dollar and climbing safe-haven demand have combined to boost bullion prices your capital at risk .
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