Exchange prices for silver reached a new historical maximum. On Monday, December 29, March silver futures on the Comex exchange rose by 7.09%, with their price peaking at $82.67 per ounce, according to trading data.
The price of the precious metal exceeded $80 for the first time in history.
The sharp jump in silver on Monday was prompted by a comment from Tesla CEO Elon Musk, who, in response to a social media post about Chinese export restrictions, wrote: "This is not good. Silver is needed in many industrial processes."
Investors were taking profits amid positive news regarding negotiations between U.S. President Donald Trump and Ukrainian President Volodymyr Zelensky, Reuters notes.
At the same time, there are concerns in the market about a direct invasion of the American army into Venezuela, although President Trump publicly denies the possibility of such a development. In this context, investors are seeking alternatives to the U.S. dollar, opting for gold and other precious metals, says Natalia Milchakova, the leading analyst at Freedom Finance Global.
Since the beginning of the year, silver prices have risen by more than 180% — from $29.24 to $80 per ounce. This was facilitated by an increase in investment demand and a supply shortage, according to Reuters. The rise was also supported by an influx of funds into silver-backed exchange-traded funds and three consecutive interest rate cuts by the Federal Reserve.
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