Bloomberg News: Silver Gains Ground on Gold With Jump to Highest Since 2012
Article by Jack Ryan in Bloomberg News
Silver surged to the highest in 13 years, powered by a technical breakout, as investors broaden demand for the safety of precious metals beyond gold.
Spot silver rose as much as 4.2% above $35.90 an ounce, the highest level since February 2012. The rally was likely driven by a combination of technical momentum, improving fundamentals and broader investor interest, said Alexander Zumpfe, senior trader at German gold refiner Heraeus Group.
“After lagging behind gold for several weeks, silver is now catching up,” Zumpfe said. That suggests “renewed interest from momentum-driven investors who are rotating into silver,” he added.
The two precious metals often move in tandem as geopolitical ructions support demand for assets free from .....