Spot Silver Rises 3% To $53/Oz. Tariff Fears on Industrial Metals Are Triggering Stockpiling in Global Warehouses
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Silver is likely to gain further due to an additional tailwind stemming from its position as an industrial metal, says Samer Hasn at XS.com. Tariff fears on industrial metals are triggering stockpiling in global warehouses, tightening near-term supply, he says in commentary, citing media reports. Silver's usage in electric-vehicle components, such as batteries, reinforces its importance in the market, he says.
That said, some governments appear to be scaling back their EV mandates due to automakers' losses, he says. This could temper the pace of long-term industrial demand for EV components and its related raw materials, even as short-term consumption remains high. Spot silver rises 2.7% to $52.82/oz.
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