Silver rises above $69.5 to two-month high
Silver climbs above $69.5 an ounce and holds near its highest level in two months, tracking gold strength as bond-market actions revive the debasement trade.
Silver climbed above $69.5 an ounce on Tuesday, hovering at its highest level in two months and tracking gains in gold as US government interventions in the bond market revived the so-called debasement trade.
The US Treasury Department announced an expansion of its buyback program for long-dated government debt last week in an effort to contain rising borrowing costs, with Secretary Scott Bessent saying he is prepared to increase the buybacks further while also flagging an upcoming longer-term fiscal plan.
However, markets speculated that the measures may provide only a temporary solution, while renewing concerns over the risks of a US debt crisis, persistent inflation and dollar weakness.
Silver also remained supported by solid industrial demand from the green energy transition, photovoltaic solar panels, electric vehicles and artificial intelligence data center infrastructure.