Silver’s wild 6% price spike and 10% plunge mirrors crypto volatility
Silver’s recent price surge mirrors Bitcoin’s trademark volatility. The precious metal is swinging wildly on rate cut bets and shifting industrial demand.
The price of silver continues to notch new highs amid a precious metals market boom, with the asset trading in a very crypto-like fashion over the weekend with sharp volatility.
Silver hit a new all-time high (ATH) of almost $84 on Sunday, U.S. time, with demand for gold also driving the price up to new heights of around $4,530. Meanwhile, the crypto market continues to stutter.
As highlighted in a Sunday post by markets publication The Kobeissi Letter, silver saw extreme volatility over the weekend spiking 6% and then dumping 10% in the span of an hour.
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