Gold 
“Silver hit near $30 for the first time in three years as interest in the metal soars along with global tensions.
Quietly, silver has become hot in 2024. The big question is whether it can stay hot.
As of the April 12 close silver was up nearly 18% in 2024, settling at $28.33 per troy ounce in futures trading in New York.
In the process the metal hit near $30 an ounce for the first time since May 2021.
Its 2024 year-to-date gain has outpaced that of gold, which closed on April 12 at a record $2,374.19 an ounce and was up 14.6% on the year.
Likewise, the iShares Silver Trust ETF (SLV) , which closed Friday at $25.63, is up 17.7% on the year and ahead of the iShares Gold Trust ETF (IAU) , up 13.5% at $216.89.
* Silver’s rise this year is the product of several causes.
* Sticky inflation that won’t let the Federal Reserve cut interest rates.
* Increasing global demand for the metal (plus gold and other precious metals). Global production is either flat or declining.
* Investor interest around the world, but especially in India and China, in protecting wealth in the face of geopolitical tensions.
The last factor was probably the top reason for silver’s 4% gain in the past week and 13.7% gain so far in April.
Worries that violence in the Middle East might spin out of control set off buying in gold, silver and platinum all last week.
Iran’s drone-and-missile attack, which erupted late Saturday, was mostly turned away by Israel, with help from military forces from the U.S. and U.K.
Prices were flat when futures trading opened in Asia on Monday. At 8:30 p.m. EDT Sunday, silver was quoted at $28.26 an ounce, down 7 cents from Friday. Gold was up $4.10 at $2,378.20.”
*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
