Silver prices also jumped 4.2% to $27.10, the highest since April 2013. Silver, which is both a safe-haven asset and widely used in industry, has risen over 51% this year, outperforming even gold.
“The pace of buying has been incredible across the silver products, whereas you’d expect that strength in gold,” said Suki Cooper, an analyst at Standard Chartered in New York. “But once investors feel they are priced out of gold they may turn to silver, or they may look at the gold/silver ratio and feel it is undervalued.” Holdings in silver-backed exchange traded funds had risen to a record 8,445 tonnes this year, Ms Cooper added, almost double the previous record in 2009.
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Silver also climbed 2.4% to $24.11 an ounce, on
course for its largest monthly rise on records going back to
1982 - up over 30% - with additional impetus from hopes for a
revival in industrial activity.
“Silver is often called the ‘poor man’s gold’ because some of the same factors that cause gold prices to rise do the same thing to silver prices,” says Ed Moy, chief market strategist at gold retailer Valaurum. “And what is driving gold prices now are mainly the fear of inflation due to the magnitude of the monetary and fiscal stimulus worldwide, and the flight to safety due to the uncertainty around how and when the global economy will recover.”
Silver, however, is “cheaper per ounce”…
(Denver, Colorado - July 29, 2020) GoldSeek.com is pleased to announce that it will be launching its new website in the coming days. This will be the third major revision to the GoldSeek website over the past 25-years.
In the next version of GoldSeek.com, we are excited to announce the following features..
Silver’s biggest monthly rally since 1979 has mainly been a story of strong demand. Investors are seeking shelter from pandemic turmoil and negative rates while industrial demand for the metal recovers in some parts of the world.
But here’s another reason to be bullish on silver: Supplies are set to shrink too:
Investor demand is responsible for much of this accelerated rally. This year alone, exchange-traded funds have increased their gold holdings by more than a quarter to surpass 106 million ounces, according to data compiled by Bloomberg, taking the total value to almost $200 billion. Silver holdings have climbed 40%, to more than 850 million ounces. In the futures market, net managed money long positions are climbing back toward levels seen at the end of 2019.