Silver has also been supported by a wave of speculative money betting on supply tightness. A record volume of the metal flowed into London last month, putting pressure on other hubs. Inventories in warehouses linked to the Shanghai Futures Exchange recently shrunk to the lowest in a decade.
Holdings by silver-backed exchange-traded funds rose by about 200 tons on Tuesday, according to Bloomberg calculations, underscoring enduring investor interest in the metal. That brought the total holdings to the highest since 2022.
“Fast-money traders love markets where pullbacks stay shallow because the physical side keeps tightening every dip,” said Ahmad Assiri, a strategist at Pepperstone Group Ltd.
Silver slipped to $58.32 an ounce as of 10:12 a.m. in New York, after hitting all-time high of $58.9789 an ounce earlier Wednesday. Gold rose .2% at $4,213.98 an ounce, after a two-day decline. Palladium and platinum both fell. The Bloomberg Dollar Spot Index lost 0.3%.