Silver soars 10%, posts 10-year highs

By Peter Bukov|

Published: February 01 2021, 10:44 GMT+0

Silver soars 10%, posts 10-year highs

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It has been an amazing weekend for silver as small investors emptied vaults across the world, and the physical silver is officially sold out at many vendors.

Thus, it soared 10% to reach the 30 USD benchmark, and it briefly rose above August highs to trade at the highest level since 2011.

However, gold remained unimpressed and was trading just half a percent higher, with the usual daily COMEX-open slam down probably happening again today. 

From other news, US equities erased most of their Friday’s losses as Nasdaq rose back above the important 13,000 USD hurdle. 

Volatility in the FX has been minimal so far, as always, and the EURUSD pair was down 0.2% to trade at around 1.21.

Elsewhere, German retail sales slumped 9.6% on the month in December as the never-ending lockdown seems to be destroying all there is left from the retail sector.