Domestic silver price
As of 10:20 a.m. on October 19, the price of 2024 Ancarat 999 silver bars (1 tael) at Ancarat Metallurgy Company was listed at 1.989 - 2.031 million VND/tael (buy - sell); unchanged in both directions compared to yesterday morning.
The price of 999 Ancarat 999 (1kg) of silver bars at Ancarat Metallurgy Company was listed at 52.310 - 53.810 million VND/kg (buy - sell); unchanged in both directions compared to yesterday morning.
The price of 999 gold bars of the same-named Jewelry Company Limited of Saigon Thuong Tin Bank (Sacombank-SBJ) was listed at VND2.097 - 2.148 million/tael (buy - sell); unchanged in both directions compared to yesterday morning.
At the same time, the price of 999 coins (1 tael) at Phu Quy Jewelry Group was listed at 1.985 - 2.046 million VND/tael (buy - sell); unchanged in both directions compared to yesterday morning.
The price of 999 taels (1kg) at Phu Quy Jewelry Group was listed at 52.933 - 54.559 million VND/kg (buy - sell); unchanged in both directions compared to yesterday morning.
World silver price
On the world market, as of 10:20 a.m. on October 19 (Vietnam time), the world silver price was listed at 51.11 USD/ounce.
Causes and predictions
According to precious metals analyst Christopher Lewis, some investors have started selling in the session on Friday to help the market stabilize after a period of hot increase. Currently, optimism is at a high level, making the silver market more risky for those who want to "follow" the increase.
Christopher Lewis commented that the decline in silver prices in the last session of the weekend is completely understandable after a long series of increases.
"The market has been increasing continuously for a long time, so it is reasonable for investors to temporarily stop buying. Currently, spot silver prices are about 2 USD higher than futures contracts - a phenomenon called backwardation, meaning that future delivery prices are lower than current prices" - the expert said.
According to him, this phenomenon sometimes shows that the market can soon adjust, especially when prices have increased too much for a long time. Currently, many investors are paying attention to the $50/ounce mark, then $48/ounce, while the $45/ounce level is considered an important support zone for the market.
Although he does not encourage short selling, Christopher Lewis believes the market is currently "too hot". He said that the fact that people in many countries are lining up to buy gold and silver and the huge discussion on social networks are signs that the market may be entering an adjustment phase.
"However, if that happens, it could also become an opportunity for investors to buy at a more reasonable price range," Christopher Lewis said.
See more news related to silver prices HERE...
