Global easing expectations heating up! Silver hits a twelve-year high, gold rises above $2680
Due to the rising expectations of a Fed rate cut, the price of silver has reached a new high since 2012, with spot silver rising by 2.83% to $32.696 per ounce, with a year-on-year increase of 37%. The price of gold has also hit a historical high, reaching $2680 per ounce. With the implementation of stimulus measures in the Chinese economy, industrial demand for silver has increased, ETF fund inflows have rebounded, and speculative positions have also increased, indicating a bullish sentiment in the precious metals market
According to the Wisdom Financial APP, the expectation of further interest rate cuts by the Federal Reserve has helped boost precious metals, with silver prices reaching their highest level since 2012 and gold prices hitting new highs.
On Thursday, spot silver rose by 2.83% to $32.696 per ounce, expanding its gains for the year to 37%. As silver prices rose, precious metal prices in general increased, with gold prices continuously hitting historical highs, briefly reaching $2,680 per ounce.
Silver is one of the best-performing major commodities this year, benefiting from the Fed's shift to a more accommodative policy last week and the prospect of further rate cuts, which have boosted non-interest-bearing metals. Meanwhile, the possibility of increased industrial use of silver as China takes measures to boost its economy has supported this rally, and inflows of ETF funds supported by silver have shown signs of recovery.
According to trading data from the Commodity Futures Trading Commission (CFTC), hedge funds have also started to become bullish on gold and silver.
The data shows that speculative positions in both metals are increasing. In the week ending September 17, fund managers added 28,199 contracts to the total long positions of COMEX gold futures, bringing the total long positions to 241,844 contracts. At the same time, short positions increased by 2,299 contracts to 25,489 contracts. Currently, the net long position is 216,355 contracts, reaching a four-year high.
Speculative total long positions in COMEX silver futures increased by 11,608 contracts, while short positions decreased by 2,190 contracts. The net long position for silver is currently 39,619 contracts, reaching a two-month high