BlockBeats News, October 9th, the spot silver price continued to soar as the market tightened, with investors flocking to precious metals for safe haven. On Thursday, the spot silver surged over 2% intraday, surpassing $50 per ounce, marking the highest single-day data for some institutions since 1993, exceeding the peak in 2011.
So far this year, the silver price has risen by over 70%, surpassing the record surge in gold prices. Due to concerns about U.S. fiscal risks, an overheated stock market, and the threatened independence of the Federal Reserve, investors are increasingly seeking safe-haven assets, part of which is silver. At the same time, the shortage of available silver on the key London market has supported the price, significantly driving up the cost of borrowing silver. (FXStreet)
