Silver Prices Hit $50 For First Time In Over 4 Decades

Silver prices surged to the highest level in more than four decades amid growing concerns of fiscal risks in the U.S., with the government shutdown entering its ninth day.

Spot silver prices climbed to a new high of $50.04 per troy ounce, rising nearly 2.4% over the previous day. However, silver futures maturing in December edged lower by 0.13% to $48.93.

According to a Bloomberg report, the current spot silver price is at the highest level since the Hunt brothers' squeeze in the 1970s and 80s. The report states that the ongoing surge in silver prices is due to concerns about the state of the U.S. economy as well as threats to the Federal Reserve’s independence, apart from a shortage of freely available silver in London, a key market for the metal.

“The interesting aspect about the silver market is that the net long positions are only modestly higher so this is not a rally based upon speculative interest. It's got some pretty solid fundamentals attached to this move in the silver price," said independent analyst Ross Norman, explaining the surge in silver prices, according to a Reuters report.

Shares of First Majestic Silver Corp. (AG) were up nearly 3% in Thursday’s opening trade amid a surge in silver prices. The silver miner also released a production update this week, stating that it had produced 7.7 million attributable silver equivalent (AgEq) ounces in the third quarter (Q3) from its four mines in Mexico currently under production.

The iShares Silver Trust ETF (SLV) was up 2.4% at the time of writing, while the abrdn Physical Silver Shares ETF (SIVR) was up 2.3%. Retail sentiment on Stocktwits around the two ETFs trended in the ‘bullish’ territory.

Also See: Gold Price Surges To New Highs Ahead Of Fed Minutes, Analyst Reportedly Says $4,400 Possible By First Half Of 2026

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