Silver Rises to Over 14-Year High
Silver traded above $44 an ounce on Thursday, near a 14-year high, as firmer industrial offtake and tighter physical availability outweighed stronger US macro data that lifted yields and the dollar.
On the demand side, offtake from photovoltaic panels and electronics, where silver is difficult to substitute, has picked up, supporting near-term consumption. On the supply side, most silver is produced as a by-product of base-metal mining and cannot quickly expand with price; recent smelter and processing disruptions in key refining hubs have trimmed refined availability, reduced prompt deliverability and pushed up premiums for near-term metal.
Nonetheless, upside surprises in US data this week, including a Q2 GDP revision to 3.8% and initial jobless claims falling to their lowest since July, narrowed expectations for Fed easing and tempered further gains.
Source: Trading Economics
