Silver’s climb to record intraday high a ‘testament’ to strength in precious-metals bull market
Silver’s more than 6% climb on Monday has lifted its prices to its highest intraday level on record, as prices for gold also rose to fresh record highs. The “rip higher” to all-time highs for both is a “testament to how strong the precious metal bull market has become,” said Michael Armbruster, co-founder and managing partner at futures brokerage Altavest.
“Price action suggests that when confidence in equities, government bonds and crypto waver, gold and silver remain the ultimate safe haven,” he said. “In the short-run, anything is possible, but we remain longer-run bulls as strong demand for physical metal, whether it be from central banks or investors, continues to support the bull case.”
Silver for December delivery climbed 6.5% to $50.32 an ounce, after touching a high of $50.385, which surpassed the precious intraday record high of $50.36 set in January 1980, according to Dow Jones Market Data. The abrdn Physical Silver Shares ETF also climbed 4.5% to $49.64, poised to log a new all-time closing high.
