Silver Renews Record High
Silver climbed above $61.8 per ounce on Wednesday, extending a record rally as markets digested the Fed’s 25 basis point cut and parsed Chair Powell’s remarks which markets read as relatively dovish even as committee guidance remained cautious. The cut itself was largely priced in, but Powell’s comments and a softer dollar lowered the opportunity cost of holding metal. At the same time the physical market has tightened materially which amplifies the policy impulse. ETF inflows and spot buying have surged this year and funds added large tonnes last week, while official and retail demand in Asia and India remains robust, leaving available metal scarce. Lease rates and borrowing costs for physical silver have risen as a result, reflecting genuine delivery stress rather than a pure positioning trade. Structural industrial demand from solar, EVs and data infrastructure is also rising and independent supply signals point to a persistent deficit.