Silver extended its rally today, briefly clearing $70 an ounce and setting a fresh all-time high.
Spot silver rose 0.7% to $69.48 per ounce after touching a record $70.66 earlier in the session.
Prices are up 123% year-to-date.
Silver’s record move
Peter Grant, vice president and senior metals strategist at Zaner Metals, said the rally reflects a market that has been undersupplied for years.
Grant said:
“At the bottom of this reality of supply and demand in a market that has been in deficit for five years, alongside increasing industrial demand. The safe-haven aspect, expectations of a weaker dollar and lower yields is part of that equation.”
He added:
“Silver’s next target is $75 but year-end profit-taking could trigger a pullback.”
Gold pares gains after GDP data
Spot gold was up 0.1% at $4,449.99 per ounce as of 9:57 a.m. ET, after hitting a record $4,497.55.
U.S. gold futures for February delivery gained 0.3% to $4,480.20.
The U.S. dollar trimmed losses after data showed the U.S. economy grew faster than expected in the third quarter.
Reuters noted a firmer dollar can make dollar-priced metals less attractive to overseas buyers.
Geopolitics and other metals
Bullion has surged about 70% this year, driven by geopolitical tensions, U.S. rate cuts, central bank buying, and investment demand.
In a recent escalation, U.S. President Donald Trump ordered a blockade of sanctioned oil tankers entering and leaving Venezuela.
Spot platinum jumped 3.9% to $2,202.30, its highest in over 17 years.
Palladium rose 2.8% to a three-year high of $1,808.25.
By contrast, Bitcoin has lagged the precious metals rally this year.
