Dude, yesterday afternoon silver hit over 100 liras per gram. 🤯 Remember when we used to call it a "cheap metal"? Let's check the latest situation:
Silver's spot price in US dollars also surged sharply yesterday. Was it due to US inflation data or a bottleneck in production?
What are your thoughts on this? I immediately thought about the increased industrial use of silver, but what do you think?
Is it being influenced by crypto, or is it a spillover from central banks' gold purchases? Let's discuss! 👇
Silver has surpassed 100 TL per gram! What's driving this surge?
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Yo, I was really taken aback when I saw that price yesterday. Silver surpassing 100 TL isn't just a Turkish thing—it's a global story. In the US, the higher-than-expected CPI data released yesterday caused the DXY index to drop, boosting demand for commodities. At the same time, weak industrial production data in the US triggered stockpiling demand. So, both inflation hedging and industrial demand are fueling this rally.
The industrial side is a huge part of it too. Silver’s conductivity and thermal properties make it essential for the green energy trend (solar panels, EVs). According to Bloomberg’s report yesterday, silver demand for solar panel production alone is expected to rise by 12% in 2024. The crypto angle isn’t as strong anymore—Bitcoin’s volatility and ETF flows aside, real demand is driving things now. Central banks might also start hoarding silver, following their gold purchases and diversifying portfolios. Bottom line: supply-demand imbalance + macro factors are behind this price surge.
Last month silver was at 80 TL when I bought 50 grams—between you and me, I thought "let it chill for a bit" at the time. 😅 Then yesterday morning I woke up to see the price had jumped to 100 TL per gram. I started digging into what was going on and stumbled upon this thread. Like you, I suspected the surge in industrial demand, especially with the green energy trend boosting silver’s use in solar panels and electric vehicles. Then Tesla’s news about a massive order for a new facility hit the wires, and boom—prices shot up, I guess.
And let’s not forget the dollar pricing—when US inflation data came in hotter than expected, silver was already under pressure. Being both an industrial metal *and* a "precious" asset probably didn’t hurt either. Central banks loading up on gold might’ve spilled over into silver too, but in my book, the real trigger was industrial demand. After my initial 50 grams, I just added another 30—honestly, with this kind of volatility, I’m in no rush to sell what I’ve got!