Spot Silver Tops $30 an Ounce to Hit Highest Since 2013
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 17 2024
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Source: Bloomberg
- Silver Price Surge: Silver prices hit over $30 an ounce, the highest in more than a decade, closing at $31.49 on Friday.
- Reasons for Rally: The surge is attributed to increased investor interest, supportive macroeconomic conditions, and projected market deficit.
- Comparison with Gold: Silver has outperformed gold this year, rising by 32%, making it one of the best-performing commodities.
- Potential Silver Squeeze: Breakthrough of $30 may lead to significant ETF buying activity, increasing the risk of a silver squeeze.
- Industrial and Financial Value: Silver is valued for its dual role as a financial asset and industrial input, especially in clean-energy technologies like solar panels.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
