Silver Hits All-Time High, Then Reverses: What's Fueling The Frenzy?
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The iShares Silver Trust (AMEX: SLV) reached record highs above $82 per ounce before a sharp pullback. This surge was driven by a physical silver shortage in China, leading to a retail buying frenzy and a liquidity crisis. The UBS SDIC Silver Futures Fund had to restrict subscriptions due to high premiums. Silver has gained about 140% year-to-date, with predictions of prices reaching $85-$100 per ounce due to industrial demand. However, volatility is expected, reminiscent of the Hunt brothers' market cornering in the late 1970s. SLV shares fell 9.41% to $64.43 on Monday.
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