This is not the limit: silver has updated its historical high
24 December 10:12
Silver continued its record growth and reached the key $70 per ounce mark, while gold cut its gains after setting a historic high.
This was reported by Reuters, "Komersant Ukrainian" reports.
Spot silver rose by 0.7% to $69.48 per ounce after earlier reaching a record high of $70.66. Since the beginning of the year, prices have risen by 123%.
“At the heart of this supply and demand reality in a market that has been in deficit for five years is the growth in industrial demand.
The safe-haven aspect, expectations of a weaker dollar and lower yields are part of the equation,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Silver’s next target is $75, but profit-taking at the end of the year could trigger a pullback.
By the way, silver has overtaken Apple to become the 3rd largest market capitalization
“Silver is over $70. Great news for those who accumulate gold and silver. Bad news for those who keep fake money. My concern is that silver at $70 could be a signal of hyperinflation over the next 5 years as the fake dollar continues to lose value. Don’t be a loser. Fake dollars will continue to lose purchasing power, while silver will rise,” Robert Kiyosaki said on his Twitter account.
The US dollar pared its losses after data showed that the world’s largest economy grew faster than expected in the third quarter. A stronger dollar makes metals priced in dollars less attractive to foreign buyers.
Spot gold rose 0.1% to $4449.99 an ounce after hitting a record high of $4497.55. Prices pared gains after the data were released.
This year, the price of gold has risen by about 70%, driven by geopolitical tensions, lower US rates, active central bank purchases, and robust investment demand.
