RE: Smart Money Clearly Moving Into Silver Market12 Apr 2024 14:55
Silver soared above $29 per ounce, reaching levels not seen since February 2013, buoyed by increased funds purchasing, as investors sought refuge in safe-haven assets amid rising inflation pressures and geopolitical risks in the Middle East. The failure of ceasefire talks between Israel and Hamas, coupled with Iran's vow to retaliate for an airstrike, intensified worries about a potential escalation of the conflict. Beyond its traditional safe-haven status, silver also benefited from its industrial applications. Signs of economic recovery in China, one of the world's top consumers, and hopes for further stimulus measures boosted demand for the metal in chip and solar panel production. Furthermore, positive manufacturing data from other large economies, like the US and Germany, added to the bullish sentiment.
https://tradingeconomics.com/commodity/silver