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Silver jumped to the highest in almost seven years and gold continued its march toward a record on expectations there’ll be more stimulus to help the global economy recover from the coronavirus pandemic.
Investors have flocked to the metals on surging demand for havens amid a resurgence in virus cases, slowing growth, a weaker dollar and negative real interest rates in the US. The vast amounts of stimulus unleashed by governments and central banks have also aided prices and, after the success of a European rescue package this week, focus turns to negotiations on legislation to prop up the American economy.
Silver’s surge has been getting an added boost from supply concerns and optimism about a rebound in industrial demand.
Holdings in exchange-traded funds backed by the metal are at a record, while gold ETFs rose the most since mid-June on Tuesday and also sit at the highest ever. — Bloomberg.
Online Reporter