Silver Price Today Hits Record – The white metal’s price increase is driven by optimism over a potential Federal Reserve interest-rate cut in December, strong inflows into bullion-backed exchange-traded funds, and ongoing supply constraints, as per a Bloomberg report.
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Jim Wyckoff, senior analyst at Kitco Metals, told Reuters that, “the technical charts for silver have turned more bullish in the past week or so, and that’s inviting the chart-based speculators to the long side of the silver market.”
Erratic Trading and Comex Exchange Halt Highlight Market Volatility
Friday’s trading also saw erratic price movements and thin liquidity following a chaotic, hours-long halt in futures trading on the CME’s Comex Exchange. By early morning US time, most trading operations had resumed.
London Supply Squeeze Eases, But Silver Market Remains Tight
The new record comes just over a month after a severe supply squeeze in London sent silver prices soaring above levels in Shanghai and New York. Although the arrival of nearly 54 million troy ounces has eased some pressure, the market remains tight, with one-month borrowing costs for silver hovering well above their normal levels.
China’s Silver Inventories Drop to Lowest Levels Since 2015
London’s inflows have also affected other markets, particularly in China. Silver inventories linked to the Shanghai Futures Exchange recently dropped to their lowest level since 2015, while trading volumes on the Shanghai Gold Exchange fell to their lowest in more than nine years, according to exchange and brokerage data.
US Silver Tariffs Could Influence Global Prices
Traders are keeping a close eye on the potential impact of tariffs after silver was added to the US Geological Survey’s list of critical minerals in November. Since early October, about 75 million ounces have exited Comex vaults in New York. Concerns over a sudden premium for US silver have made some traders cautious about shipping metal abroad.
Gold Price Today
Meanwhile, spot gold climbed 0.9% to $4,192.78 per ounce by 10:09 a.m. ET (1510 GMT) on Friday, marking its highest level since November 14, as reported by Reuters. The precious metal is poised for a 2.9% gain on the week and is on track for a 4.6% rise for the month, which would represent its fourth consecutive monthly increase.
Gold Silver Update By Neal Bhai YouTube Channel 17 July, 2018
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