Silver Soars to Two-Month High as US Dollar Slides
Silver prices have reached a two-month high of $69.75 and are up more than 7% this week, driven by persistent weakness in the US Dollar.
The main catalyst behind Silver's rally is the US Treasury's surprise announcement of its debt buyback program, which has led to a sharp decline in US Treasury yields and the US Dollar.
Investors are concerned about the longer-term implications of US fiscal policy, including rising government debt, large budget deficits, and the possibility that authorities may favor looser financial conditions at the expense of the US currency.
The Federal Reserve's monetary policy outlook also provides additional support to Silver, as recent employment and inflation data have reduced expectations of an imminent interest rate hike.