Silver prices, the new favorite of investors, at historic peak
The ounce price of silver has approached 50 dollars, reaching its highest level since 1993.
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The volatility in the silver market is causing prices to break new records. In the spot market, the ounce of silver rose by 2 percent to 49.82 dollars. This level surpassed the 2011 peak and was recorded as the highest value in data tracked by Bloomberg since 1993.
This year, silver prices have increased by over 70 percent, outperforming gold. Fiscal risks in the US, the overheating of stock markets, and concerns regarding the independence of the Fed are increasing demand for safe-haven assets. This situation is contributing to the rise in silver prices.
Furthermore, the shortage in the supply of freely available silver in the London market is supporting prices while also significantly increasing the borrowing costs of the metal.