Silver Reaches A Fresh Three-Month High Above $25.00

(November 10th, 2021 - Christian Borjon Valencia)

• Silver rallies as US inflation shoots through the roof, its most significant jump in 30 years.
• Silver spiked $0.80 as news headlines crossed the wires.
• US 5-year real yields measurement falls from -1.85% to -1.941%, weighing on the US dollar.

Silver  price spiked higher as the Bureau of Labor Statistics (BLS) revealed that the Consumer Price Index for October, a US measurement of prices paid by consumers, expanded by 6.2% – higher than the September 5.4% jump in inflation, and the largest since 1990. That said, the non-yielding metal has advanced almost 3%, trading at $25.01 at the time of writing.

Silver reacted with a price jump of $0.80, from $24.20 to $25.00, once the news crossed the wires. The bounce in prices left behind September and October highs at $24.87 and $24.82, respectively, which could now act as support areas going forward.