The precious metals market has just witnessed a remarkable milestone: Silver futures prices have skyrocketed to an all-time high. March delivery silver price increased by 0.597 USD to 57.77 USD/ounce after reaching a record high of 58.61 USD/ounce.
Mr. Gary S. Wagner - commodity brokerage and market analyst at Kitco - said that over the past two years, gold has always been the focus of investors' attention thanks to its historic increase.
"From October 2023 to now, gold prices have increased by nearly 95%, driven by many factors: Central banks buying at a record level in 2024, geopolitical conflicts, and concerns about monetary inflation and global public debt. These drivers are pushing gold to higher levels that few people thought would happen," he said.
However, Gary S. Wagner emphasized that while gold overshadowed other markets, silver quietly created a separate "seismic". Like gold and silver, they benefit from safe-haven demand, but the main driver of this price increase comes from very different factors: The shortage of supply is increasingly serious.
"Silver mining output has declined, while demand from industry and investors has increased sharply, creating an imbalance between supply and demand, pushing silver prices up," he said.
Gary S. Wagner added that another important factor driving silver's increase is its easier access than gold. Escalating gold prices make it difficult for many retail investors to access, forcing them to turn to silver as a cheaper alternative but still playing the role of precious metals.
"This image is reminiscent of ancient times, when silver played the role of the main means of payment for traders and laborers, while gold was a symbol of power, associated with the noble class" - Wagner said.
The expert said that while gold has increased by 95% in nearly two years, silver has doubled in just the past 12 months - a 100% increase that has made investors start to pay more attention to "white metal".
"If this trend continues, and gold investors turn to silver for superior performance, the market could see a new price increase spiral in the coming time" - Gary S. Wagner commented.
Updated silver price
As of 9:05 a.m. on December 3, the price of 2024 Ancarat 999 silver bars (1 tael) at Ancarat Metallurgy Company was listed at VND 2.193 - 2.243 million/tael (buy - sell).
The price of 999 999 Ancarat silver bars (1kg) at Ancarat Metallurgy Company is listed at 57.564 - 59.314 million VND/kg (buy - sell).
The price of 999 gold bars of the Golden Rooster Bank Limited (Sacombank-SBJ) is listed at VND 2.145 - 2.196 million/tael (buy - sell).
At the same time, the price of 999 coins (1 tael) at Phu Quy Jewelry Group was listed at VND 2.201 - 2.269 million/tael (buy - sell).
The price of 999 taels (1kg) at Phu Quy Jewelry Group was listed at 58.693 - 60.506 million VND/kg (buy - sell).
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