Silver Hits New Record as London Squeeze Spurs Market Havoc

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00:00Silver just hit a record, soaring about $53 an ounce.

00:04After years in gold's shadow, silver's having a moment.

00:07It's delivered blockbuster returns this year, up more than 80%.

00:11A lack of liquidity in London sparked a worldwide hunt for silver, with benchmark prices soaring

00:16well over in New York.

00:17Some traders are booking cargo slots on transatlantic flights for silver buyers, an expensive move

00:22usually reserved for gold, to profit off higher prices in London.

00:27Trade war fears are also adding to the frenzy.

00:29While precious metals were officially exempt from tariffs in April, traders are on edge

00:33as Washington nears the conclusion of its Section 232 probe into critical minerals, including

00:38silver, platinum and palladium.

00:41Silver's rally isn't risk-free.

00:42Unlike gold, the market isn't underpinned by deep pools of metal owned by central banks,

00:47which means liquidity crunches can cause sharp price moves.

00:51Silver is now sharing the limelight with gold, and it's not likely to lose it any time soon.