Summary
- Reported that the international silver price rose to 52.5070 dollars, marking the highest level in 45 years.
- Stated that this year's silver price increase reached 73%%, greatly outpacing the gold price increase.
- Said that global industrial silver demand and supply shortages are driving the rise in silver prices.
Up 4.7% from the previous session to 52.5070 dollars
A weak dollar and U.S. interest rate cuts drove international silver prices to an all-time high.
According to Bloomberg on the 14th, on the previous day at the New York Mercantile Exchange the spot price of silver rose 4.7% from the previous session to 52.5070 dollars per troy ounce. It surpassed the record high set in January 1980 during the so-called 'silver squeeze.' This year's silver price increase is 73%, far outpacing the increase in gold prices.
The Wall Street Journal (WSJ) reported that investors are flocking to gold and silver as safe havens from inflation concerns, geopolitical tensions, overvalued stocks, and falling interest rates.
Analysts also say that AI, electric vehicles, and the energy transition boom have contributed to the rise in silver prices. The Silver Institute, a global silver research group, forecast last January that industrial silver demand this year would exceed 700 million troy ounces for the first time, as global solar power installations are expected to hit a record high this year.
Supply shortages are also a factor in the price rise. The Silver Institute expects global mined silver production this year to reach 840 million troy ounces, the highest in seven years. An additional 200 million troy ounces will be supplied through recycling of industrial waste and other sources. However, this is insufficient to meet total demand.
Reporter Kim Joo-wan kjwan@hankyung.com
Korea Economic Daily
hankyung@bloomingbit.ioThe Korea Economic Daily Global is a digital media where latest news on Korean companies, industries, and financial markets.
