Silver Holds Near All-Time Highs
Silver prices remain near record highs at $58 per ounce, up 100% year-to-date, driven by tightening supply and expectations of US Federal Reserve rate cuts. Silver-backed ETFs added 200 tons, reaching the highest holdings since 2022. London saw record silver inflows, while Shanghai inventories hit a decade low. The Fed is expected to cut rates by 25 basis points next week, with further reductions anticipated next year.
Silver held around $58 per ounce on Wednesday, hovering near record highs and up about 100% year-to-date amid tightening supply and expectations of deeper US Federal Reserve rate cuts.
Bloomberg data showed silver-backed ETFs added about 200 tons on Tuesday, lifting total holdings to the highest level since 2022 amid robust demand.
A record volume of silver also moved into London last month, tightening supplies in other hubs, while inventories in Shanghai Futures Exchange warehouses dropped to their lowest in a decade.
Meanwhile, the Fed is widely expected to cut rates by 25 basis points next week, with markets also pricing in three additional quarter point reductions next year.
