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Investing.com -- Silver prices jumped 5% in early trading Monday, reaching a record high as gold rallied and a liquidity squeeze intensified market sentiment.
Silver futures in New York reached $49.63 an ounce, while spot gold climbed 2.7% to $51.66.
Goldman Sachs analysts noted that silver prices are likely to continue rising in the medium term, benefiting from the same private investment flows that are lifting gold amid Federal Reserve rate cuts.
"However, in the near term, we see greater volatility and downside risk than for gold, reflecting silver’s smaller and less liquid market," the analysts added.
Silver lease rates, which represent the cost of borrowing physical silver, surged over 35% according to market watchers. Investors are now paying record premiums to secure immediate access to the metal.
The high premiums highlight the scarcity of available silver bars in London vaults, driven by increasing speculative demand.
In related precious metals markets, platinum futures rose 3.3% to $1,676.90 an ounce.
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