Silver Nears 1980 Record As London Short Squeeze Fuels Global Bullion Rush

Benzinga

Silver soared to nearly $52 an ounce amid a London short squeeze and record gold prices above $4,070. Tight supply, Fed rate cuts, and haven demand fueled the rally as silver lease rates spiked above 30%.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:03Silver surged to its highest level in Decades Monday as a short squeeze in London intensified,

00:08driving a global scramble for bullion amid soaring demand and tightening supply.

00:13Spot silver jumped as much as 3.1% to nearly $52 an ounce, while gold topped $4,070,

00:21extending its record run. Liquidity concerns in London pushed silver prices near a 1980 record,

00:27prompting traders to fly silver bars across the Atlantic to profit from high London premiums.

00:33Silver lease rates soared above 30% in London,

00:36signaling severe market tightness that also spread to gold and palladium amid dwindling bullion reserves.

00:41The broader rally across precious metals has been fueled by Fed rate cuts,

00:46geopolitical tension, and strong investor demand for havens.

00:50Traders are also watching the U.S. administration's probe into critical minerals,

00:54which could add fresh volatility.

00:56For all things money, visit Benzinga.com.

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