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Silver prices book largest daily rise in 3 years as gold ends 2.4% higher

Market Watch
|
Wednesday, August 7th

"Silver prices on Wednesday surged by the most in nearly three years and gold settled sharply above an important psychological level at $1,500, amid a round of easy-money policies that helped to stoke fresh appetite for the perceived safety of precious metals.

September silver SIU19, +4.71% surged 75.1 cents, or nearly 4.6%, to end at $17.196 an ounce, after gaining or 0.3% on Tuesday, breaching its own psychologically important level above $17. That marks silver’s highest level since 2018, and the firmest one-day gain for gold’s sister metal one point basis since Sept. 6, 2016 and July 2016 on a percentage basis, according to FactSet data.

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A recent report from Sprott Asset Management contributor Paul Wong, tracking gold and silver trading in July, notes that buying of those precious metals has spread to individual investors. “We are now just starting to see gold buying broaden out to retail, individual investor level. By all historical measures, we should see silver play a phenomenal catch-up trade to gold in the next few months,” he wrote."

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