Silver Hits New All-Time High
Silver jumped more than 2% to above $51 per ounce on Monday, marking a new all-time high as renewed US-China trade concerns, political instability, and expectations of further US rate cuts fueled demand for safe-haven assets. On Friday, US President Donald Trump threatened to impose an additional 100% tariff on Chinese goods starting November 1 in response to Beijing’s new export controls on rare earth minerals. However, Trump later signaled openness to negotiate ahead of a possible meeting with President Xi Jinping later this month, saying that trade relations with China “will all be fine.” Broader geopolitical worries also supported prices, with the ongoing US government shutdown, political turmoil in France, and leadership uncertainty in Japan weighing on sentiment. Meanwhile, expectations that the Federal Reserve will cut rates by 25 basis points this month and again in December, alongside a tightening physical silver supply in London, continued to bolster the metal’s rally.