{"id":138689,"date":"2024-10-23T13:12:34","date_gmt":"2024-10-23T13:12:34","guid":{"rendered":"https:\/\/kinesis.money\/?p=138689"},"modified":"2024-10-23T13:37:59","modified_gmt":"2024-10-23T13:37:59","slug":"silver-closes-on-35-dollars","status":"publish","type":"post","link":"https:\/\/kinesis.money\/nl\/market-analysis\/silver-news\/silver-closes-on-35-dollars\/","title":{"rendered":"Silver Price News: Silver Closes In On $35.00 an Ounce"},"content":{"rendered":"\n

Silver prices pushed higher again on Tuesday, coming within striking distance of the $35.00 an ounce mark as bullish mood in the precious metals markets continued.<\/p>\n\n\n\n

Prices climbed to an intraday high of $34.93 an ounce on Tuesday \u2013 the highest price for silver since October 2012 \u2013 and easily surpassing Monday\u2019s high of $34.30 an ounce.<\/p>\n\n\n

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Silver KAG\/USD 1-hourly Kinesis Exchange<\/figcaption><\/figure>\n<\/div>\n\n\n

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\u2018Perfect storm\u2019<\/h2>\n\n\n\n

Something of a \u2018perfect storm\u2019 has emerged in recent weeks for precious metals as lower borrowing costs combined with safe-haven flows amid uncertainties over conflict in the Middle East and the upcoming US election on November 5.<\/p>\n\n\n\n

It has been hard for silver to ignore gold\u2019s upward march to fresh all-time highs, as the gold\/silver ratio, currently standing at around 80, means silver tends to benefit as a natural consequence of gold\u2019s push into new territory on the upside.<\/p>\n\n\n\n

Kazan summit piques interest<\/h2>\n\n\n\n

A three-day international summit in the Russian city of Kazan which started on Tuesday has prompted some discussion amid speculation that the BRICS nations want to launch a new currency that may be partially backed by gold. Any such move would be expected to face significant challenges, and it remains to be seen if the BRICS countries announce any concrete steps on a new currency at the gathering in Russia.<\/p>\n\n\n\n

China moves to bolster growth<\/h2>\n\n\n\n

Recent stimulus measures in China have also lent a bullish tone for silver as China is a major buyer of silver for industrial applications, which make up about half of total demand for the metal. Recent efforts include reducing borrowing costs and measures to support China\u2019s stock market.<\/p>\n\n\n\n

Economic data to watch out for<\/h2>\n\n\n\n

Looking ahead, the markets will be watching out for Wednesday\u2019s interest rate decision by the Bank of Canada, with traders expecting a 50-basis point cut to 3.75%. The BoC\u2019s decision comes in the context of recent interest rate cuts by the US, EU, UK and New Zealand, as inflation slows and economic growth weakens. Other data points on Wednesday include Euro Area consumer confidence figures for October, monthly manufacturing figures from Australia and Q3 GDP growth rates for South Korea.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience<\/a> covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights\u00a0(formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
\n<\/i><\/p>\n

Read our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Silver prices pushed higher again on Tuesday, coming within striking distance of the $35.00 an ounce mark as bullish mood in the precious metals markets continued. Prices climbed to an intraday high of $34.93 an ounce on Tuesday \u2013 the highest price for silver since October 2012 \u2013 and easily surpassing Monday\u2019s high of $34.30 […]<\/p>\n","protected":false},"author":50,"featured_media":138705,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[214],"tags":[],"class_list":["post-138689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-silver-news"],"acf":[],"yoast_head":"\nSilver Price News: Silver Closes In On $35.00 an Ounce - Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' silver price news analysis for today, Wednesday 23rd of October 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"nl_NL\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Silver Price News: Silver Closes In On $35.00 an Ounce\" \/>\n<meta property=\"og:description\" content=\"Discover Kinesis' silver price news analysis for today, Wednesday 23rd of October 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/kinesis.money\/market-analysis\/silver-news\/silver-closes-on-35-dollars\/\" \/>\n<meta property=\"og:site_name\" content=\"Kinesis\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-23T13:12:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-23T13:37:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/kinesis.money\/wp-content\/uploads\/2024\/10\/silver-news-feature-silver-closes-in-on-35-00-an-ounce.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"960\" \/>\n\t<meta property=\"og:image:height\" content=\"529\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Frank Watson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:description\" content=\"Discover Kinesis' silver price news analysis for today, Wednesday 23rd of October 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta name=\"twitter:label1\" content=\"Geschreven door\" \/>\n\t<meta name=\"twitter:data1\" content=\"Frank Watson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Geschatte leestijd\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minuten\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/kinesis.money\\\/market-analysis\\\/silver-news\\\/silver-closes-on-35-dollars\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/kinesis.money\\\/market-analysis\\\/silver-news\\\/silver-closes-on-35-dollars\\\/\"},\"author\":{\"name\":\"Frank Watson\",\"@id\":\"https:\\\/\\\/kinesis.money\\\/#\\\/schema\\\/person\\\/11c4884f9d074d6831f53e287228bf52\"},\"headline\":\"Silver Price News: Silver Closes In On $35.00 an Ounce\",\"datePublished\":\"2024-10-23T13:12:34+00:00\",\"dateModified\":\"2024-10-23T13:37:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/kinesis.money\\\/market-analysis\\\/silver-news\\\/silver-closes-on-35-dollars\\\/\"},\"wordCount\":364,\"image\":{\"@id\":\"https:\\\/\\\/kinesis.money\\\/market-analysis\\\/silver-news\\\/silver-closes-on-35-dollars\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/kinesis.money\\\/wp-content\\\/uploads\\\/2024\\\/10\\\/silver-news-feature-silver-closes-in-on-35-00-an-ounce.jpg\",\"articleSection\":[\"Silver News\"],\"inLanguage\":\"nl-NL\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/kinesis.money\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/kinesis.money\\\/market-analysis\\\/silver-news\\\/silver-closes-on-35-dollars\\\/\",\"url\":\"https:\\\/\\\/kinesis.money\\\/market-analysis\\\/silver-news\\\/silver-closes-on-35-dollars\\\/\",\"name\":\"Silver Price News: Silver Closes In On $35.00 an Ounce - 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