Silver prices jumped to record levels of more than $ 50 per ounce, with the exacerbation of an unprecedented pressure crisis in the history of the London market. Stain prices rose 3.7% to be more than $ 51 an ounce before ending a part of their profits, while the cost of borrowing the precious metal for a month on the London Stock Exchange increased to an annual record level of 35%. Gold and palladium prices have also risen. Silver Gains Silver has recorded an increase of more than 70% since the beginning of this year, far ahead of Gold’s profits, as investors are trying to hedge amid financial uncertainty in the United States, and the fear of excessive activities in the stock market, in addition to threats to the Federal Reserve’s independence. Read more: The price of silver jumps to its highest levels in decades, over $ 50 an ounce. Earlier this year, the fear that the United States would impose customs on silver caused a major influx of the metal to New York, which led to the withdrawal of a large part of the shares in London, and a reduction in the amounts of metal for sale or borrowing in the market. Most of the silver in London is kept in safes that support exchange -traded funds, which does not readily make it available to buy or borrow. This lack of supply in the London market has reduced the usual distribution between NYSE terms and the prices of a few cents – usually a few cents – to a discount of over $ 2.50 an ounce below the price. This major price gap can help to alleviate the impact of close supply in the London market, as traders buy the cheaper metal in the United States and transport it to the UK to take advantage of the higher prices there. Silver record, but currently this pressure is still holding prices to the $ 52.50 per ounce level, a record highlight recorded in 1980 for a contract that was later suspended from trading on the Chicago Board of Trade Stock Exchange. Also read: When will silver exceed the peak recorded in 1980? It is noteworthy that this record was reached when brothers Nelson Banker Hunt and William Herbert Hunt – two billionaires from Texas known for speculation – tried to monopolize the global silver market for fear of inflation, after storing more than 200 million ounces, which rose prices above $ 50 per gram. By 1:03 pm in London time, the price of place silver rose 1.5% to $ 50.02 per ounce, palladium rose by 2%, while gold rose slightly and platinum remained almost stable.
A historic scarcity to silver stocks on the London stock exchange increases prices
