Silver Rebounds 7%, Climbs Above $20 an Ounce, US Mint Says Processors “Struggle to Keep Up with Demand” – Economics Bitcoin News – Bitcoin News

On Friday, as the global cryptocurrency market cap surged 5.4% higher against the greenback, U.S. stocks rallied towards the end of the day, with the four major stock indices posting gains. Precious metals also soared as the New York spot price of gold rose 3.20% per troy ounce and the price of silver soared 7.14% against the US dollar. Four days ago, a blog post published on Peter Schiff’s website, schiffgold.com, emphasized that silver tends to outperform gold, and if people are bullish on gold, “they should be even more bullish on silver.”
Silver Jumps 7% Higher, Schiff Gold Report Says People Should Be “Even More Bullish on Silver” Investors Say Silver Squeeze
Silver has performed better than it did at the end of the summer when the price per troy ounce of fine silver hit $17.97 per unit on August 31, 2022. Today, the precious metal is over $20 an ounce of silver, up more than 15% against the US dollar since August 31st.
However, silver’s spot price per ounce is over 21% lower than during the silver price high of $26.37 per ounce in 2022. After the New York spot price of silver rose 7.14% on Friday, November 4, 2022, the term with the hashtag “#silver crushing‘ started trending on Twitter around 6 p.m. ET.

A Twitter account said Friday’s silver rally was orchestrated by “the banksters” and went on to insist that an alleged silver price suppression was about to end. “Today’s gold and silver rally was brought to you by banksters,” according to the Twitter account said. “From where I know this? Because of the almost exact pattern of gold and silver (indicating algos game). This means that banksters intentionally want the price to skyrocket. The repression will most likely end today.”
Another user said that the silver market could be illuminated at any moment, stressing, “Most people have no idea what’s going to happen.” Peter Schiff’s website, schiffgold.com, says people should be bullish on silver, and the blog post discusses how Doug Casey mit International Man talked about silver. The blog post explains that gold bulls should be “even more bullish on silver.”
“Silver typically outperforms gold in a gold bull market,” the editorial points out. “And the silver to gold ratio shows that silver is significantly undervalued relative to gold. When the spread gets that big, not only has silver historically outperformed gold, but it has had a massive run in a short period of time.”
Fed rate hikes put pressure on precious metals, US Mint says its ‘silver suppliers are increasing capacity’
Not everyone is bullish on silver, and the Federal Reserve’s recent rate hike has increased pressure on US stock markets, cryptocurrencies, and precious metals like gold and silver. In late August, Germany-based Heraeus wrote that “rate hikes and dollar strength” have depressed silver and gold prices in the company’s precious metals valuation.
A few days later, however, after the report was released, Heraeus said silver demand could skyrocket thanks to an increase in polysilicon production. Additionally, there has been much talk recently of a silver shortage due to increased demand.
After the publication of a Historical tweet Through the US Mint’s official Twitter account, the US Mint responded to a person who asked why the coin issuer was unable to keep up with demand. “Around the world, silver processors are struggling to keep up with demand for silver billets,” according to the US Mint wrote on October 31, 2022. “The Mint’s silver suppliers are increasing capacity to meet demand. The coin is also reaching out to other processors to supply silver.”

In addition, people have noticed that while the spot price for an ounce of silver is $20.85 per unit, buying a physical round is expensive. A one ounce silver American Eagle coin costs almost double the spot market price at $39 per unit or more. A 90% silver Morgan silver dollar costs $36.99, which is 77% more than today’s silver spot market values.

tags in this story

$20 an ounce, 7% up, American Eagle, Comex, Crypto Assets, Economy, Stock Markets, Fed Rate Hike, Heraeus, Industrial Use Cases, Inflation, Peter Schiff, PMS, Polysilicon Production, Precious Metals, Schiff Gold, Silver, Silver and Gold, Silver Bounce, Silver Coins, Silver Ounces, Silver Rally, Silver Rise, Silver Shortage, Silver Squeeze, Silver Suppliers, Silver Use Cases
What are your thoughts on silver’s recent market performance and the future value of the precious metal? Let us know what you think about this topic in the comment section below.

Jamie Redman

Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.

Photo credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer, or a solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service, or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More popular news in case you missed it