🥈 Silver Rose To Its Highest Level Since 2012
⏺Exchange prices for silver soared to their highest level since 2012. On Thursday, September 26, silver futures for December delivery on the Comex exchange rose 3.1% to $33.02. The precious metal was last traded at this level in December 2012. Since the beginning of the year, silver prices have risen almost 37%.
⏺Silver hit a multi-year high amid an overall increase in investor demand for precious metals. On September 26, gold prices also rose to a new historical high, exceeding $2,700 per ounce for the first time in history. The growing interest in precious metals was fueled by expectations of further interest rate cuts by the Federal Reserve, as well as increased demand.
⏺The US Federal Reserve immediately cut the rate by 50 bp. based on the results of the September meeting. The regulator has kept it at 5.25–5.5% per annum since July 2023. The US rate was at its highest in more than 20 years for more than a year. According to the CME FedWatch tool, traders are now pricing in a Fed rate cut of a total of 75 bps. until the end of 2024.
⏺Silver has been one of the best performers among major commodities this year, as the Fed's pivot to looser monetary policy last week and the prospect of more rate cuts bode well for non-interest bearing precious metals
⏺The rise in silver prices was also supported by the possibility of increased industrial use as China takes steps to boost its economy. In addition, the inflow of funds into silver-backed exchange-traded funds increased, the publication reported.
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⏺Exchange prices for silver soared to their highest level since 2012. On Thursday, September 26, silver futures for December delivery on the Comex exchange rose 3.1% to $33.02. The precious metal was last traded at this level in December 2012. Since the beginning of the year, silver prices have risen almost 37%.
⏺Silver hit a multi-year high amid an overall increase in investor demand for precious metals. On September 26, gold prices also rose to a new historical high, exceeding $2,700 per ounce for the first time in history. The growing interest in precious metals was fueled by expectations of further interest rate cuts by the Federal Reserve, as well as increased demand.
⏺The US Federal Reserve immediately cut the rate by 50 bp. based on the results of the September meeting. The regulator has kept it at 5.25–5.5% per annum since July 2023. The US rate was at its highest in more than 20 years for more than a year. According to the CME FedWatch tool, traders are now pricing in a Fed rate cut of a total of 75 bps. until the end of 2024.
⏺Silver has been one of the best performers among major commodities this year, as the Fed's pivot to looser monetary policy last week and the prospect of more rate cuts bode well for non-interest bearing precious metals
⏺The rise in silver prices was also supported by the possibility of increased industrial use as China takes steps to boost its economy. In addition, the inflow of funds into silver-backed exchange-traded funds increased, the publication reported.
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