Concerns about a lack of liquidity in London have sparked a worldwide hunt for silver, with benchmark prices soaring to near-unprecedented levels over New York. That’s prompting some traders to book cargo slots on transatlantic flights for silver bars — an expensive mode of transport typically reserved for gold — to profit off higher prices in London. The premium was at about US$1.75 an ounce as markets opened on Tuesday — down from a spread of US$3 last week.
Silver prices touched an all-time high above US$52.50 an ounce, as a historic short squeeze in London added momentum to a rally that’s been fueled by surging demand for safe-haven assets.
Spot prices rose as much as 0.4% to US$52.5868 an ounce in London, surpassing a peak set in January 1980 on a now-defunct contract overseen by the Chicago Board of Trade — when the billionaire Hunt brothers attempted to corner the market.
