Lates News

On Thursday, the price of silver fell by 7.3% at one point, before recovering most of the lost ground during the trading session, only to fall again by over 5%. President Trump did not impose tariffs on key mineral imports, including silver and platinum, stating he would address this through bilateral negotiations and proposed setting a lower limit on prices. Concerns in the market about tariffs led to some metals, including silver, being hoarded in American warehouses. Currently, warehouses related to futures trading on the New York Mercantile Exchange hold around 434 million ounces of silver, an increase of about 100 million ounces from a year ago when tariffs exacerbated trade interruptions. While these stockpiles may help alleviate other tensions, StoneX group analyst Rhona O'Connell pointed out that silver leaving the US may face some obstacles as it is still on Trump's list of key mineral exports. Christopher Wong, a strategist at Oversea-Chinese Banking Corporation, stated that the medium-term outlook for silver remains strong, supported by supply shortages, industrial consumption, and the spillover effects of gold demand. However, the recent speed of price fluctuations requires us to remain cautious in the short term.