Silver Price Soars to $84/oz Amid Tight Industrial Demand
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Price Surge: Spot silver has surged to a record high of $84 per ounce, primarily driven by tight physical supply and monetary policy changes, highlighting market challenges and potential macroeconomic shifts.
- Industrial Demand and Monetary Influence: The price increase is closely linked to rising industrial demand and monetary policy adjustments, with silver recording a remarkable 182% year-on-year increase last year, underscoring its strong performance as an investment asset.
- Market Players and Speculation: Key market players include COMEX and CME Group, with Citigroup strategists projecting potential further increases towards $100-$110 per ounce, attracting speculative positioning from hedge funds and commodity trading advisors.
- Impact on Traditional vs. Crypto Markets: While the silver price rise has had immediate effects on traditional financial markets, no distinct on-chain cryptocurrency movements have been observed, with market reactions primarily narrative-driven rather than based on actual transactions.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
