{"id":123751,"date":"2024-05-22T08:19:47","date_gmt":"2024-05-22T08:19:47","guid":{"rendered":"https:\/\/kinesis.money\/?p=123751"},"modified":"2024-05-22T08:19:47","modified_gmt":"2024-05-22T08:19:47","slug":"silver-steady-after-fresh-11-year-high","status":"publish","type":"post","link":"https:\/\/kinesis.money\/pl\/market-analysis\/silver-news\/silver-steady-after-fresh-11-year-high\/","title":{"rendered":"Silver Price News: Silver Steady After Fresh 11-Year High"},"content":{"rendered":"\n

Silver prices briefly rose to a fresh 11-year high of $32.63 an ounce on Tuesday \u2013 the highest price since December 2012.<\/p>\n\n\n\n

However, prices drifted back down to around $32.05 an ounce<\/a> later on Tuesday. That compared with Monday\u2019s range of around $31.10 to $32.48 an ounce.<\/p>\n\n\n\n

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

Silver\u2019s action largely mirrored gold prices, which hit a new all-time high on Monday, albeit with a slight downward bias on Tuesday.<\/p>\n\n\n\n

Fundamentals were already looking supportive for silver prices in 2024, after industry group the Silver Institute forecasted a structural supply deficit this year for the fourth consecutive year<\/a>. <\/a><\/p>\n\n\n\n

Gold\u2019s recent push to all-time highs above $2,400 an ounce has been seen as giving \u2018permission\u2019 for silver to break through resistance into higher territory. This was particularly evident when the gold\/silver price ratio hit highs of over 90 in January and February, suggesting that silver was undervalued in a relative sense to gold, and setting the market up for a potential leg higher. Silver\u2019s recent gains have since reduced the gold\/silver ratio back to around 76 as of Tuesday.<\/p>\n\n\n\n

Looking ahead, Thursday will see manufacturing data released for Japan, India, France, Germany, UK and the wider Euro Area, providing a snapshot of industrial activity in those countries. While silver\u2019s status as a precious metal means it is in demand as an inflation hedge and a store of value against weakening currencies, its widespread use as an industrial metal also makes it sensitive to manufacturing activity levels.<\/p>\n\n\n\n

The markets will also be watching out for Thursday\u2019s US initial jobless claims figures for the latest pulse check on the US economy.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience 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>
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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 briefly rose to a fresh 11-year high of $32.63 an ounce on Tuesday \u2013 the highest price since December 2012.<\/p>\n","protected":false},"author":50,"featured_media":123780,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[91,214],"tags":[],"class_list":["post-123751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","category-silver-news"],"acf":[],"yoast_head":"\nSilver Steady After Fresh 11-Year High | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' silver news analysis for today, Wednesday 22nd of May 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=\"pl_PL\" \/>\n<meta property=\"og:type\" content=\"article\" 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