At midday on June 9, spot silver remained at the $36/ounce level. A reporter from Beijing Youth Daily learned that on June 5, the international silver price rose sharply, and spot silver once stood above the $36/ounce mark, the first time since February 2012. The precious metal has risen by more than 20% this year.
At noon on June 9, spot silver was $36.02/ounce, up 0.31%; COMEX silver futures were $36.225/ounce, up 0.25%. Both international silver prices remained above US$36, hitting a record high in the past 13 years.
Some analysts believe that the sharp rise in silver prices may be due to the policy change of the United States' announcement that it will increase import tariffs on steel and aluminum from 25% to 50%. This move has sparked widespread concern and speculation in the market, which expects the U.S. government to take similar tariff measures against other major metals.
The market generally believes that with the adjustment of tariff policies, the global trade pattern is facing reshaping, and the supply chain stability of the metal market has been impacted. In order to avoid possible risks, investors transfer funds to a relatively stable and safe-haven precious metal market. As an important member of it, silver naturally became the direction of capital inflow. This market behavior caused by changes in macro policies has directly driven the sharp rise in silver prices in the short term.
Guotai Junan Futures believes that the current rise in silver is hard to say. Before the next risk event breaks the silver price trend, silver may maintain a strong trend and continue to repair the price comparison. However, some analysts believe that it is still necessary to pay attention to the suppression of US inflation and economic downturn risks on silver industry demand. Once economic growth slows down, the growth rate of industrial demand is expected to be weakened, putting downward pressure on silver prices.
Text/Beijing Youth Daily reporter Zhang Xin
Editor/Beijing Youth Daily reporter Song Xia Intern Sui Xin
