Silver soars to 11-month peaks
On Thursday, silver prices soared to 11-month peaks, following higher crude prices. Gold surged too.
May delivery silver futures were worth $17.43 right after growing to peaks of $17.62. Such highs haven’t been noticed since last year’s May.
June delivery gold futures traded at $1,262.4, thus demonstrating a 0.65% surge.
Meanwhile, on Thursday, crude prices came up to their 2016 peaks, when the International Energy Agency told it expects the crude market to rebalance from today’s glut by next year.
Global stocks surged, but the greenback remained steady enough, though stronger market sentiment couldn’t diminish the safe haven appeal of precious commodities.
This year silver managed to gain up to 26%, compared to gold’s 19% surge.
With more than 50% of silver demand arising from the industry, prices have been powered by recent signs that Chinese economy is reviving after a turbulence in the beginning of 2016.
However, in the first quarter of 2016 gold prices reported their strongest revenues for the last 30 years, following global growth concerns.