SPOT silver prices on Monday (May 20) rallied further to a new 11-year high, and market observers said the “underdog” in the precious metals market could outpace gold’s stellar run so far this year.
Spot silver breached the US$30 per ounce mark again in early trade on Monday, touching an intra-day high of US$32.489 per ounce before tapering off slightly to about US$31.77 per ounce as at press time. The commodity had on May 17 also surpassed the US$30 per ounce mark, but pared some gains to close at just over US$29.70 per ounce.
According to Bloomberg data, the last time spot silver prices hit such a high prior to May 17 was in September 2012, when they crossed the US$34 per ounce mark.
