Silver price fluctuations 30.3: Few fluctuations, buyers still make a profit

Domestic silver price

As of 9:10 a.m. on March 30, the price of 999 silver bars at Phu Quy Jewelry Group was listed at VND1,308 - 1,348 million/tael (buy - sell); unchanged in both buying and selling directions compared to early this morning.

If buying silver bars at Phu Quy Jewelry Group on March 23 and selling them this morning (October 30), buyers at Phu Quy Jewelry Group will make a profit of VND 12,000/tael.

At the same time, the price of 999 taels of silver at Phu Quy Jewelry Group was listed at 1,308 - 1,348 million VND/tael (buy - sell); both buying and selling prices remained unchanged compared to early this morning.

World silver price

On the world market, as of 9:15 a.m. on March 30 (Vietnam time), the world silver price listed on Goldprice.org was at 34.04 USD/ounce; unchanged from yesterday's trading session.

Causes and predictions

According to Kitco, silver has recently begun to attract attention as more and more users on X ( Twitter) called for a "tense silver supply" (SilverSqueeze2.0) on Monday, March 31.

This trend comes from the belief that silver prices are being manipulated in the futures market, causing prices to hold back even though factors such as rising inflation, high physical demand, shortage of supply and strong gold prices are all supporting a higher silver price.

Proponents of the movement believe that if they buy and not sell simultaneously even with the backlash from the market, silver prices could break out of resistance and trigger a new price increase cycle.

Peter Krauth, author of The Great Silver Bull and founder of SilverStockInvestor, said that trade tariffs are a new factor disrupting supply and pushing demand for silver higher. This could give SilverSqueeze 2.0 an advantage.

There is a large amount of silver flowing from London to New York. If tariffs are imposed, they could affect both gold and silver. Interestingly, this amount of silver is pouring into New York but ends up in private warehouses. This raises questions about whether silver prices are being manipulated to keep low, Krauth said in an interview with Kitco News on March 27.

Despite being optimistic about the outlook for silver, Krauth still advised investors to be cautious when participating in this movement, because prices cannot increase far beyond the fundamentals.

In 2021, we saw a similar tightening of silver. At that time, silver prices and the trading volume of silver mining stocks increased sharply. But I have advised investors that if they have big profits, they should consider taking profits because I don't see this momentum as long-term, Krauth shared.

If another silver tightening happens this time, he predicts it could be stronger than 2021, but it still needs a real change in industrial demand to keep prices high sustainably.

Krauth concluded: The all-time high for silver is $50 an ounce. I believe we will reach that level next year. It is not a question of if, but of when.