Silver prices continued to increase strongly, setting a new record of surpassing $60/ounce. Not only setting a new record, silver is also surpassing gold. The recent increase has pushed the gold- silver ratio down to 69, the lowest level since the end of July 2021.
Spot silver prices were recently recorded at 60.72 USD/ounce, up more than 4% on the day and have increased by more than 100% since the beginning of the year.
Suki Cooper, Head of Global Commodity Research at Standard Chartered Bank, said that silver's upward momentum is supported by strong fundamentals such as: Global supply chains, strong industrial demand and investor interest. However, she believes that adjustments in traditional market factors can cause short-term fluctuations.
" markete factors have changed: Demand from India has declined after the holiday season and the London Treasury has been added. We expect silver prices to correct before heading towards new highs," Cooper said.
Cooper noted that since the beginning of the year, the London LBMA Treasury has increased by 1,447 tons, while its inventory at Comex increased by 4,311 tons. However, not all of these coins are willing to trade, as a portion is held in exchange-traded funds (ETPs) backed by physical silver. In the short term, the silver market will be mainly affected by capital flows into these ETPs, which are recording the largest import volume since 2020.
In addition, Ms. Cooper said that the gold- silwer ratio is currently a bit high and is likely to have a slight adjustment.
"Although the ratio is still higher than the long-term average of 65, silver has increased too much recently and may decrease slightly in the short term. We are still optimistic about silver prices, but we expect the market to fluctuate further," she stressed.
Updated silver price
As of 10:00 on December 10, the price of 2024 Ancarat 999 silver bars (1 tael) at Ancarat Metallurgy Company was listed at 2.3 - 2.35 million VND/tael (buy - sell); an increase of 108,000 VND/tael in both directions compared to yesterday morning.
The price of 999 Ancarat 999 (1kg) at Ancarat Petrochemical Company was listed at 60.336 - 62.166 million VND/kg (buy - sell); an increase of 2.8 million VND/kg for buying and an increase of 2.88 million VND/kg for selling compared to yesterday morning.
The price of 999 gold bars of Saigon Thuong Tin Bank Gold and Gemstone One Member Co., Ltd. (Sacombank-SBJ) was listed at VND 2.217 - VND 2.271 million/tael (buy - sell); an increase of VND 75,000/tael in both directions compared to yesterday morning.
At the same time, the price of 999 999 coins (1 tael) at Phu Quy Jewelry Group was listed at VND 2.299 - 2.370 million/tael (buy - sell); an increase of VND 104,000/tael for buying and an increase of VND 107,000/tael for selling compared to yesterday morning.
The price of 999 taels of silver (1kg) at Phu Quy Jewelry Group was listed at 61.306 - 63.199 million VND/kg (buy - sell); an increase of 2.773 million VND/kg for buying and an increase of 2.853 million VND/kg for selling compared to yesterday morning.
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