Silver hits $100 for first time on Trump unrest

The price of silver reached $100 for the first time on Friday, profiting from its safe-haven status amid unrest surrounding the policies of US President Donald Trump.

Silver, which has doubled its price in just 3.5 months, hit a record $100.29 an ounce in trading, also on strong demand for the metal that is used in solar panels and electronics, as well as for making jewellery.

Sister metal gold was closing in on an all-time peak of $5,000 an ounce Friday as investors increasingly turn to the go-to commodity in times of economic turbulence.

“As high-risk as gold may be, it has nothing on silver, which continues to outperform in the most extraordinary fashion,” noted David Morrison, senior market analyst at Trade Nation.

Silver is in tight supply as buyers snap it up, also to be used in data centres for artificial intelligence.

The metal had on October 9 reached a record $50 an ounce, which was the highest level since 1980.

AFP

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